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