Binance announced the launch of a lending platform, offering up to 15 percent annualized interest rate for 14-day fixed-term BNB, USDT, and ETC based instruments.
According to the company's Aug. 26 blog post, the platform will launch on Aug. 29 as a value-added service aimed at Binance users who hold "Idle digital assets."
Only those with Binance "Level 2" verification or beyond are eligible to lend, meaning anonymous accounts cannot participate in the offering.
Binance Lending will enable users to lend their Tether, Ethereum Classic, and Binance Coin holdings and earn interest.
The company's blog post stated that all of the lending products will have a 14-day fixed maturity term, with the interest rates for BNB, USDT, and ETC set at 15, 10, and 7 percent, respectively.
The exchange set a total subscription cap at 5 million USDT, 200,000 BNB, and 20,000 ETC. According to the blog post, if all of the products get fully subscribed, total interest of 19,178 USDT, 1,150 BNB, and 53 ETC would be paid out.
The interest rates Binance would pay for those products would be 1,150 BNB, 19,178 USDT, and 53 ETC, it said in the blog post, all of which are currently worth around $50,000.
To limit the supply, all user accounts will have a hard cap set for all of the products-1 million USDT, 500 BNB, and 1,000 ETC. Changpeng Zhao, the CEO of Binance, said that the interest rate for each product is guaranteed.
The company said more Binance Lending products will be released soon once the company evaluates the demand for new coins and tokens.
Binance's blog post stated that the interest rates for all of the upcoming phases will be adjusted "Based on market reception of the initial phase," leaving the door open for an increase in rates.
Earn up to 15% interest on BNB, Tether, and Ethereum Classic on Binance
Publicado en Aug 27, 2019
by Cryptoslate | Publicado en Coinage
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