Binance Launches A New Crypto Lending Platform
Binance was recently in the spotlight when its CEO had an exciting prediction that managed to go viral.
Changpeng Zhao believes that one BTC could guarantee a person’s status as one of the richest people in the world.
In a new viral tweet, Zhao speculates that BTC’s limited total supply will push its investors into a rare class. You can see his tweet below.
If you own 1 $BTC, you are mathematically guaranteed to be top 3/1000 richest in the world, in BTC terms. (21m / 7B).
— CZ Binance (@cz_binance) August 25, 2019
Speaking of BTC, the most important coin in the market is currently trading in the red, and it’s priced at $10,166.82.
Binance launches a new digital asset lending platform
Binance is currently working to introduce a new digital asset-based lending business in order to attract more customer deposits.
The firm which is based in Malta plans to launch a first-come, first-served crypto lending service via Binance Lending. This will be assessable for customer subscription beginning at 6:00 UTC today, on August 28.
According to the official announcement, “Whether you’re a crypto HODLer trying to maximize gains or a frequent trader who wants to take a break from the action, Binance’s Lending products allow you to accrue interest & increase your token balance regardless of how the market moves.”
The Daily Hodl reveals that traders have the ability to lend their USD-pegged stablecoin Tether (USDT) which is Binance’s native BNB token or Ethereunm Classic. (ETC)
Lending these crypto assets will allow traders to earn “guaranteed” interest which will be payable for the first interest calculation period starting August 29 until September 11.
The online publication writes: “The annual interest rates for these digital assets are fixed at 15% for BNB, 10% for USDT and 7% for ETC. These rates are set according to a 14-day fixed maturity term.”
The online publication the Daily Hodl reveals the lending table that you can also check out below.
Anyway, we recommend that you head over to the official announcement made by Binance and find out all the info on this new platform.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.