Binance rolls out crypto lending

Tuesday 27 August 2019 11:59 CET | News

Binance, a large global cryptocurrency exchange, has rolled out a lending business in its bid to attract customer deposits.

Binance Lending will be available for customer subscription starting with August 28, 2019, on a first-come, first-served basis. Initially, users will be able to lend their US dollar-pegged USDT, Ethereum classic (ETC) and Binance’s BNB cryptocurrency in order to earn interest, payable from August 29, 2019 to September 11, 2019.

The annualised interest rate for the initial lending products with a 14-day fixed maturity term, has been set at 15%, 10% and 7%, for BNB, USDT, and ETC, respectively. The exchange puts out a total subscription cap of 200,000 BNB, 5 million USDT and 20,000 ETC.

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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Binance, cryptocurrency, cryptocurrency exchange, Bitcoin, Ethereum, crypto lending, product launch
Countries: World