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Binance announces new crypto lending platform


Binance announces new crypto lending platform

In a recent blog post, cryptocurrency exchange Binance has announced a crypto lending platform that allows users to earn a huge amount of guaranteed interest.

 

The exchange of money will be called as "Binance Lending" wherein if a user has some tokens or coins on Binance, then you can offer them for use in Binance's lending platform.

 

Users who have the collection of coins will earn interest over two weeks. If any user has Binance's coins, then he/she could earn the annual interest rate of up to 15 percent. According to their blog post, Binance is offering "guaranteed returns" up to 15%.

 

Reportedly, the first lending will be on first come first serve basis, with the fixed term of 14 days BNB, USDT, ETC, starting from August 28, 2019, at 0600UTC.

 

Larry Cermak, the Director of Research at The Block, tweeted that promising guaranteed interest rates with no risks is "never a good idea. The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves."

 

Binance CEO, Changpeng Zhao tweeted that, "Lending on @binance goes to Margin borrowers, who pay the interests. Simple. Very different from other guaranteed-return schemes. We don't have to look for another place to invest. That's why Margin is out first. Spartans get it."