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Malta-based Binance kick-starts cryptocurrency lending service

FX Street
Updated:
  • Binance is conducting the service on a new platform referred to as Binance Lending.
  • All the lending products will have an initial 14-day period.

Binance, the leading cryptocurrency exchange after the adjusted trading volume has announced the start of its new crypto lending service. The announcement released on August 26 said that the service will start on August 28.

The service will allow Binance coin (BNB), Ethereum Classic (ETC) and Tether (USDT) holders to offer their assets for lending and, in turn, earn an interest. Binance is conducting the service on a new platform referred to as Binance Lending.

All the lending products will have an initial 14-day period. Binance Coin (BNB) has the highest 15% followed by USDT at 10% and lastly, ETC will accrue an annual interest of 7%.

Payment of the interest will be processed after the maturity of the lending term. An adjustment of the interest rates will be carried out in future phases based on the market reception.

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