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Binance Lending adds ETC and LINK to Flexible Deposits

Image by Binance from Twitter

Wed, 25 Mar 2020, 14:13 pm UTC

Crypto exchange Binance added more assets on its lending product list.

“Fellow Binancians, Binance Lending has added ETC and LINK to the list of supported assets on Flexible Deposits, a value-added service to Binance users who hold idle digital assets,” Binance’s announcement read.

The individual max limit for ETC is 1,000,000 ETC. Meanwhile, LINK’s max limit is 1,000,000 LINK.

The exchange noted that Binance Lending will adjust the interest rates and maximum individual limits on flexible deposits based on market and risk factors.

Binance also announced that the LINK competition has concluded. The rewards have been distributed to the winners’ account already. The users can confirm receipt of the rewards via the “Distribution History” page in their Wallet.

Meanwhile, cryptocurrency has encountered several crashes in the past weeks due to the coronavirus outbreak. On Thursday, it had a massive selloff with the benchmark digital asset reeling to $3,800 low. It diminished nearly $100 billion off its market capitalization. However, Binance CEO Changpeng “CZ” Zhao is not worried about the trend at all.

“No, I am not worried about crypto at all. The fundamentals did not change. Unlike fiat, bitcoin remains a currency with limited supply. No one can print more of it. Demand is increasing, especially now. It will be fine,” CZ said.

CZ used an analogy to deliver his point about cryptocurrency and encouraged the people to take a deeper look at how things work in the real world.

“Say you take a swimming float, it works and it will help you float in water. Now let’s say it’s attached to the Titanic as it is sinking. Will that float work get you to the surface now? No, it won’t. Is it because the float no longer works? No, the floating properties of the float still work… You get the idea,” CZ explained.

“Fundamentally, bitcoin or cryptocurrencies have not changed. They still work. They are still in limited supply, no one can arbitrarily print more of it.”

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