Binance, easily one of the leading cryptocurrency exchange firms in the world, has announced the official launch of its lending services, Binance Lending. According to its official website, Binance Lending will be open for all customers starting from 6:00 UTC on Wednesday the 28th of August.
Per the announcement, only three assets will be lendable including its own Binance Coin (BNB), the USDT and also Ethereum Classic (ETC). For each asset, there is a set two-week maturity period with different annual rates. BNB promises a 15 percent rate while USDT is pegged at 10 percent and ETC sits at 7%. There are also subscription caps for each of them with 200,000, 5 million and 20,000 for BNB, USDT and ETC respectively.
Furthermore, Binance has set limits for individual user accounts. The hard cap for USDT has been set at 1,000,000 with ETC set at 1,000 and BNB at 500.
The Binance Lending launch seems to be in furtherance of the company’s other endeavours regarding trading as the firm recently kicked off its margin trading service as well. The Binance margin trading charges more than a 100% for BNB and 10.0375 percent for USDT.
Even though only three assets are currently available for lending at the moment, Binance has said that there will be consideration for more, as it remains “constantly evaluating new coins and tokens to support as lending products based on demand.”
Binance CEO Changpeng Zhao, about a week ago, had previously hinted during the Binance London Meetup that a few endeavours, including Lending, would be launched.