Binance has launched its cryptocurrency-lending business, Binance Lending, that allows users to grow their cryptocurrency portfolios beyond trading.
Binance CEO Changpeng Zhao / Photo credit: Coinpedia
The new service lets holders of Binance Coin (BNB) and the US dollar-linked Tether (USDT) to lend their assets and earn interest. The annualized interest rate for the initial lending products, which bears an initial 14-day fixed maturity term, has been set at 15% for BNB and 10% for USDT.
Lending products for BNB and USDT will be available for subscription on August 28 on a first-come, first-served basis. Binance Lending will be evaluating new coins and tokens to open up more lending products based on demand, according to a statement.
Users will be able to decide the number of tokens they want to lend at the time of subscription, but Binance set an initial hard cap per account for BNB- and USDT-denominated lending products at 500 BNB and 1 million USDT.
According to the company’s website, the products would have a total subscription cap of 200,000 BNB and 10 million USDT.
Editing by Charmaine de Lazo
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