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Crypto exchange Binance adds EOS as collateral options in Binance Loans

Image by Binance from Twitter

Fri, 24 Apr 2020, 04:57 am UTC

Crypto exchange Binance added a new collateral option for Binance Loans users.

In a new announcement, Binance said that it added EOS as the new collateral option for Binance Loans. Users can now use it when they borrow on the platform.

Last week, Binance also added Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP) as among its new collateral options. The firm has been adding more digital assets to make loans more flexible to its customers.

Binance assured its users that it will continue to be flexible and will actively provide a varying range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and its internal risk management.

Earlier this month, Binance launched the Binance Loans service. It was designed to help users leverage existing crypto assets as collateral for loans, borrow from a large range of crypto assets, select from a range of varying loan periods, get low-interest rates and receive instant approval.

In the first two weeks, it offered Binance Loans service users a 20% discount on the daily interest rate with the lowest interest rate being 0.0224%. Users can loan either Binance USD (BUSD) or Tether (USDT). The standard interest rate for BUSD for 7 days is only 0.028% but it was reduced to 0.0024% at the time with the 20% off interest rate promotion.

In related news, Binance temporarily disabled Visa and Mastercard payments in the “Pay with Bank Card” feature in a number of countries and regions. It is no longer available in the following countries:

Argentina, Brazil, Colombia, Hong Kong, India, Indonesia, Israel, Kazakhstan, Kenya, Malaysia, Mexico, Nigeria, Peru, Philippines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Turkey, and Vietnam.

Users in countries that aren’t mentioned above can still enjoy it as normal.

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