Crypto Exchange Binance to Launch Its Crypto Lending Service

Asia Blockchain Review
September 4, 2019
Crypto Exchange Binance to Launch Its Crypto Lending Service

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has launched a lending business called ‘Binance Lending’ in its bid to attract customer deposits. The exchange announced that Binance Lending would be available for subscription as of August 28th.

According to the announcement, lending products will have an initial 14-day period. Its native token, Binance Coin (BNB), will have the highest annual interest rate of 15%, whereas the rates for the USD-pegged Tether (USDT) and Ethereum Classic (ETC) are 10% and 7%, respectively, according to a report by Cointelegraph.

Interest Rates for Binance Lending 

Binance has rolled out a total subscription capped at 200,000 BNB, 5,000,000 USDT, and 20,000 ETC. Once all the initial products are fully subscribed, Binance would pay out interests of 1,150 BNB, 19,178 USDT, and 53 ETC (each worth about US$50,000 at the time of the press release).

Each user account on Binance will have an initial hard cap for BNB-, USDT-, and ETC-denominated lending products at 500 BNB, 1,000,000 USDT, and 1,000 ETC, respectively.

Binance has launched a margin-trading business that charges users who borrow BNB and USDT an annualized interest rate of 109 percent and 10.0375 percent, respectively.

Guaranteed Interest Regardless of the Market 

As per the announcement, Binance users can select the number of tokens they want to lend at the time of subscription and will be able to retrieve funds with “guaranteed” interest after the designated subscription period.

“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that,” said Changpeng Zhao or “CZ”, CEO of Binance. “The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us