After Binance added fiat support, it is ready to offer a new major service to its clients. Together with Libra Credit it will allow the users of BNB, Binance coin, to take fiat and crypto loans.
Binance seems to have recovered from an ostensible hack relatively fast. Now, its blockchain technology incubator, Binance Labs, has struck a deal with Libra Credit, an Ethereum-based blockchain startup which is building a decentralized lending network. The users of BNB, Ethereum-based ERC20 tokens, will be able to take loans both in fiat and cryptocurrency. At the same time, BNB will be used as collateral.
“Binance Labs is a social impact fund which incubates, invests and empowers leading blockchain and cryptocurrency entrepreneurs, projects, and communities,” writes Medium.com
Libra Credit gained prominence after it successfully completed an ICO in May. Back then, the company managed to raise $26 mln in two days. The company was founded by PayPal financial technology veterans and is set to revolutionize ” the lending industry by merging an established global lending network, a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology.”
“The Libra Credit founding team has a wealth of experience and resources in financial services and payment solutions. They are committed to make long lasting impacts in the industry”, said Ella Zhang, CEO of Binance Labs.
Binance, which expects to make $1 bln in profit this year, is steadily growing. Currently, the platform which is solely one year old has 10 mln users and a daily turnover of roughly $1.5 bln. The company will soon enter a number of markets including Ugandian, Bermudian and Maltese “to convert their virtual tokens to fiat currencies including the euro, as it looks to build on its rapid growth.”
The BNB’s market capitalization is $1,3 mln. The coin which trades at $13,68 will be soon available on Binance Chain which was launched in March 2018. Back then, Binance stated “As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity.”