Highlights
- Binance announces thrid phase of Lending platform
- BNB, LTC, XRP, ETC among 6 coins to be included
- Lending will be on first come first serve basis
Binance, the global leader in cryptocurrency based services, took to their Twitter to announce the third phase of Binance Lending Products. The Lending division was first launched a few weeks ago, wherein users were asked to stake a particular amount of cryptocurrency for a small duration to earn an annualized interest on their stake.
In the first batch, that was opened two the public on August 28th, included Tether, Binance Coin and Ethereum Classic for the public to stake. Subsequent batches added to the total number of coins available for staking. Bitcoin, Ethereum, Cardano, Litecoin and so on were beginning to gain attention.
For now, all contracts are valid for a 14-day period, with the annualized interest rate ranging from 5-15%. Interest will be calculated based on the lot size purchased by the users and will be paid out “immediately after loan term matures”.
Phase 1 and 2 were almost immediately sold out after launch, portraying the interest of investors to get into collateralized smart contracts that pay out interest with almost negligible risk. With the 3rd phase set to be rolled out on 11th September 2019, the same result is expected. Users are gearing up to stake their extra cash in the hopes of earning interest, not in fiat but. The actual cryptocurrency.
Resources:
Binance Lending User Guide | How to use Binance Lending Service