Binance has just announced that it will be launching the seventh phase of its lending products. Set to go live on October 2, the exchange will be offering 14-day fixed-term lending products.
The world’s largest cryptocurrency exchange by trading volume is expanding its lending products. The lending products will cover multiple cryptocurrencies and will have a 14-day period for each. Binance has revealed all of the digital assets to be covered by this expansion.
Binance Announces 7th Phase
A handful of cryptocurrencies will be supported by the next phase of Binance’s lending products.
Binance Coin (BNB) will be offered on a 14-day lending period with two different subscription caps each with different annualized interest rates. Other cryptocurrencies supported will be Bitcoin (BTC), Ethereum (ETH) Ethereum Classic (ETC), Chainlink (LINK), Litecoin (LTC), USDC, and Tether (USDT). Payout occurs immediately after the terms of the loan expires.
As to be expected, Binance Coin (BNB) has among the highest amount of annualized interest at 10 percent. This means that users can expect a higher return loaning out their BNB to Binance than any other cryptocurrency aside from Tether (USDT), which also has annualized interest of 10 percent.
Binance’s lending service has been live since late August. Essentially, users can ‘lend’ their assets and earn interest on it. This is the seventh such offering the exchange is holding, with the other six presumably being a success. All assets lent to Binance will be used by the exchange to cover leveraged borrowing on the platform.
More to Come?
Binance has been quickly expanding its many financial products this year beyond just basic trading. With its lending products becoming increasingly popular, we will likely see more phases in the months to come.
Moreover, the exchange will also be expanding its margin trading options in the near future to include greater leverage.
However, it is unclear how these new services will operate in U.S. jurisdictions. As of now, there are no plans to offer these same services on its new American platform, Binance U.S.
Can we expect margin trading and lending to come to American Binance users as well? Let us know your thoughts in the comments below.