Top cryptocurrency exchange Binance has recently announced the release of the eighth stage of its lending project.
According to a post by Binance, the stage went live on 9 October 2019 at 12:00 PM (UTC). The exchange also added that it will offer a 14-day fixed-term lending product.
The subscription stage will run from 10 October to the 10th of November, 2019. Interest will be paid once the speculated time is met. The program will be on an initial participation basis, meaning that the earlier you apply the earlier you are attended to.
The crypto assets made available for lenders in the program include Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), EOS, Ethereum Classic (ETC), Ether (ETH), Chainlink (LINK), Tether (USDT), and Ripple (XRP).
The annual interest rates on these assets hold at: 10% (BNB), 3% (BTC), 10% (BUSD), 6% (EOS), 7% (ETC), 6% (ETH), 6% (LINK), 10% (USDT), and 6% (XRP).
Binance CEO, Zhao Changpeng also commends the high yield of digital loans, urging subscription and participation from more users.
About the lending program
As earlier reported Binance crypto lending program was first launched in August. Users lent out their crypto and upon completion of the loan period, received their funds with interest. The service initially offered support for BNB, ETC, and USDT. In September it included Zcash, Monero, and Dash. The exchange platform earlier today also announced its launch of a peer-to-peer (P2P) crypto service in China. Thus, it opened up the exchange to China’s crypto market.
A P2P trade allows sellers and buyers to engage in direct transactions with each other. There is no need for third-party intervention. This launch by Binance completely falls out of the ban placed by the Chinese government, the provided transaction remains on a small scale.