Binance to Launch Crypto Lending with Annual Yields Up to 15%
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has launched a lending business in its bid to attract customer deposits.
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.
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.
Each user’s account on Binance will have an initial hard cap for BNB-, USDT- and ETC-denominated lending products at 500 BNB, 1,000,000 USDT, and 1,000 ETC, respectively.
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