Binance are set to join the DeFi market
|The DeFi market is growing and now a major player is coming to town.
Recently there have been some issues with outflows from the crypto lending markets but with this major announcement from Binance maybe we could see the start of some stability.
Binance exchange are set to lend against Binance coin (BNB), Ethereum Classic (ETC) and Tether (USDT) so that their users can lend their assets and earn interest in a service called Binance Lending.
These services are set to start and users must subscribe between August 29-29th. Initially, the lending will only last 14 days but will have interest rates between 7-14%.
BNB will have an interest rate of 15%, USDT 10% and ETC 7%, respectively.
Over time I am sure the lending period will increase and a whole host of services will develop but at the moment the market is new and needs a beta testing phase.
Interestingly as stable coins are being used it is also an opportunity for investors to earn cash that they are not getting from the banks. The competition is hotting up in the chase for yield.
Here is a link to the full announcement: Click Here
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.