Binance enters into crypto lending business, announces CZ
The CEO of the world’s largest cryptocurrency exchange, Binance, took to Twitter to announce the entry of Binance into the cryptocurrency lending space. The new offering is called as “Binance Lending”.
— CZ Binance (@cz_binance) August 26, 2019
The currently supported cryptocurrencies for Binance lending are BNB, Ethereum Classic (ETC) and Tether (USDT). According to Binance, users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.
The term for maturity according to Binance is 14 days. Moreover, users can earn up to 15% annually through Binance lending. Each asset class has a different lending rate, and return cap.
- Subscription Cap – 200,000 BNB
- Individual Cap – 500 BNB
- Annualized Interest Rate – 15%
- Lot Size – 10 BNB
- Interest Per Lot Maturity – 0.057534 BNB
- Subscription Cap – 10,000,000 USDT
- Individual Cap – 1,000,000 USDT
- Annualized Interest Rate – 10%
- Lot Size – 100 USDT
- Interest Per Lot Maturity – 0.383561 USDT
- Subscription Cap – 20,000 ETC
- Individual Cap – 1,000 ETC
- Annualized Interest Rate – 7%
- Lot Size – 1 ETC
- Interest Per Lot Maturity – 0.002685 ETC
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