Binance, the world largest cryptocurrency exchange, has set its sights on the lending space.
According to an announcement, the crypto giant will launch a lending platform called “Binance Lending” as a “value-added service to Binance users who hold idle digital assets.” The service – which goes live on August 28 – allows holders of Binance Token (BNB), Ethereum Classic (ETC), and Tether (USDT) to earn interest on their coins.
Changpeng Zhao, CEO of Binance, said that “Binance Lending is simple and intuitive to use,” adding that “users can subscribe to any lending product and earn interest, it’s as easy as that.”
“The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”
The initial launch phase will see annualized interest rates for BNB, ETC, and USDT capped at 15%, 10%, and 7%, respectively, with future rates to be determined “based on market reception of this initial phase.”
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