According to recent news on August 26, Binance has announced the launch of its new feature “Binance Lending”.
Binance twitter announcement:
— Binance (@binance) August 26, 2019
This feature will now allow the users to lend their crypto that they are holding in their account. Upon completion of the lending period, the person will get their crypto back along with the interest. Surely this will broaden Binance’s as well as user’s crypto portfolio beyond trading.
How Binance Lending Works
With this feature, the user can store, hold, and earn crypto at the same time. Binance Lending facility is now available with products for BNB and USDT. This means that Binance Lending will offer products where you can deposit your BNB or USDT. Funds can then be withdrawn after the maturity period with interest. Support for more tokens will be introduced later. The user can also borrow funds from Binance Margin to subscribe to Binance Lending.
The users can subscribe to a lending product on a first-come, first-served basis. At the time of subscription, they can decide the number of tokens they want to lend. These products are having a time deposit with a 14-day period. During this time, users will not be allowed to withdraw the funds they put into the lending product.
The designated hard cap is 500 BNB per account for BNB-denominated lending products. And, the hard cap for USDT will be 1,000,000. These lending products are having an allowance, or the maximum amount of funds to be enrolled within each product is 200,000 BNB and 10,000,000 USDT.