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Leading cryptocurrency exchange Binance is going to launch its crypto lending service this week.
In an announcement dated August 26, the exchange said that “Binance Lending” will be launched on August 28, allowing users to use the crypto they hold on their account for lending. Once the lending period for a chosen product is over, users would be able to regain the crypto they put into the product, along with interest.
“Binance Lending offers you a new avenue for growing your crypto portfolio beyond trading,” Binance said. “With Binance Lending, storing, holding, and earning crypto at the same time is possible, with just a few clicks.”
Binance said that the lending service will be initially launched for BNB, ETC, and USDT, with plans to support more cryptocurrencies going forward. The lending products will have an initial 14-day period, during which users would not be allowed to withdraw the amount they have put into the lending product.
The annualized interest rate for the initial BNB lending product is set at 15%, while USDT and ETC have been set at 10% and 7%, respectively.
As per the details, the interest calculation period will commence on August 29 and run until September 10. The interest payout will take place immediately after the maturity of the loan term.
“The annualized interest rates for upcoming phases will be adjusted based on market reception of this initial phase. Please refer to future announcements for interest rate updates,” it said.
Earlier this month, Binance announced an open blockchain project, called "Venus," with the objective of developing localized stablecoins and digital assets pegged to fiat currencies across the globe. More recently, it announced that it will offer a free, lifetime VIP membership account to all its affected users following the leak of its customer’s Know Your Customer (KYC) data.
