Cryptocurrency Exchange Binance Launches Lending Serviceby Fintechnews Singapore August 28, 2019
Binance one of the world’s largest cryptocurrency exchange announced the launch of a new service called “Binance Lending”. This service offers users the opportunity to earn beyond just trading.
Binance Lending users will be able to subscribe to a lending product on a first-come, first-served basis. Users will decide the amount of tokens they want to lend at the time of subscription.
Once subscribed, the funds are stored on a time deposit with a 14-day period for the initial products. During this time, users will not be allowed to withdraw the funds they put into the lending product.
Currently, Binance Lending supports BNB and USTD with more tokens anticipated in the future.
For the first few lending products, the allowance, or the maximum amount of funds to be enrolled within each product, will be 200,000 BNB and 10,000,000 USDT.