Binance to expand its crypto lending platform starting October 2
- Binance lending platform now supports eight cryptocurrencies including Bitcoin and Ethereum.
- The seventh expansion phase features 14-day fixed-term lending of the products.
The Malta-based Binance exchange recently launched crypto lending platform is up for the seventh phase of expansion. According to the latest announcement from the exchange, the new assets will go live starting October 2. Moreover, there will be 14-day fixed-term lending of the products.
The expansion increase the total number of cryptocurrencies supported by the lending platform to eight. The cryptos included are Bitcoin, Ethereum, Chainlink (LINK), Litecoin, USDC, Tether (USDT), Ethereum Classic (ETC) and Binance Coin (BNB). BNB accrues the highest annualized at two different caps.
The highest cap for BNB has been set at 5,000 BNB and will attract an annualized interest of 10%. Tether (USDT) also has an annualized interest of 10%. The company also said that “BNB balances committed into Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations as mentioned in the Daily BNB Balance Calculation Mechanism Update.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
