Great News - Binance, the world’s largest cryptocurrency exchange, Launched lending program

sp1652169 (0)(1)in #cryptocurrency • 5 years ago

Hello Friends,

It is the biggest new in cryptocurrency market. This news will make a cheer on all crypto lovers face.

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has launched a lending business in its bid to attract customer deposits.
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The company said in an announcement on Monday that Binance Lending will be available for customer subscription starting from 6:00 UTC on Aug. 28, on a first-come, first-served basis.
Binance Lending 2.PNG
According to an official announcement on Aug. 26, holders of Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT) will be able to lend their assets and earn interest through Binance’s new service called Binance Lending.

Initially, users will be able to lend their U.S. dollar-pegged USDT, ethereum classic (ETC) and Binance’s BNB cryptocurrency in order to earn interest, payable from Aug. 29 to Sept. 11.

The annualized interest rate for the initial lending products with a 14-day fixed maturity term, has been set at 15 percent, 10 percent and seven percent, for BNB, USDT, and ETC, respectively.

Binance puts out a total subscription cap of 200,000 BNB, 5 million USDT and 20,000 ETC.

The services will be available for subscription from Aug. 28 till Aug. 29, Binance noted in the announcement. Lending products will have an initial 14-day period. BNB will have the highest annualized interest rate of 15% while the rates for USDT and ETC amount to 10% and 7%, respectively.
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The company said it will be “constantly evaluating new coins and tokens to support as lending products based on demand” and new products will be revealed weekly on Monday and become available for subscription on Wednesday.