Binance, the world’s largest exchange in terms of volumes, launches a new service called Binance Lending. It is a mechanism that offers customers the opportunity to make loans and earn on accrued interest, increasing the balance of the tokens regardless of market trends.
Through a tweet, Binance’s CEO, Changpeng Zhao, intrigued the entire crypto community today.
Would you like to earn #crypto while you sleep?
Keep an eye on @binance today.
— CZ Binance (@cz_binance) August 26, 2019
Initially, the two cryptocurrencies made available by the exchange will be BNB tokens and USDT. Binance Lending subscription will be available from August 28th, 2019 at 12:00 on a first-come, first-served basis, meaning that the first customers who decide to join will also be the first to receive the accrued interest.
Binance Lending offers users of the Binance Lending exchange a new way to generate profits.
Beyond trading, IEOs (Initial-Exchange-Offerings) and the recent introduction of margin trading within the platform, Binance will offer the possibility to increase the balance of one’s wallet by simply offering BNB tokens, or USDT, and accumulate interest over time.
“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that”,said CZ, CEO of Binance.
“The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves”.
Binance Lending guarantees an annual growth rate for BNB of 15% for an initial period of 14 days.
The maximum limit for lending the two cryptocurrencies will initially be set at BNB 1,000 and USDT 100,000 and users will be able to decide how many tokens they want to make available at the time of subscription. Once that period is over, they will be able to receive back the funds with the interest accrued.
Binance has announced that the Binance Lending team will evaluate new cryptocurrencies and tokens for this program, based on requests from the community.