The Binance cryptocurrency exchange announced its readiness to launch a new cryptocurrency lending service in which users can issue their own crypto assets in debt.
At the time of launch, which will take place on August 28 at 9 am Moscow time, BNB, USDT and ETC will be available for loans. At the same time, users who will provide their funds for loans will be paid interest – 15% per annum for BNB, 14.6% for ETC and 10% for USDT. Interest will be paid every 14 days.
At the initial stage, the total volume of loans on the Binance Lending service will be limited to 200,000 BNB, 10 million USDT and 20,000 ETC. Moreover, an individual user will not be able to provide more than 500 BNB, 1 million USDT and 1,000 ETC for lending.
It is also interesting that credit money can be used for margin trading. However, the interest on the use of funds for these purposes will be quite large – 109% per annum for loans to BNB and 10.0375 for using USDT.
In a press release
it is emphasized that the company will constantly upgrade the service and add new products “depending on demand”.
It was recently reported that the Binance exchange plans to launch the Venus project, which will become the “independent regional version of Libra.” The project will develop regional stablecoins and digital assets tied to fiat currencies around the world.
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