Binance announced the launch of a platform termed as Binance Lending, which would allow users to acquire and lend their virtual assets, while asset holders would also be able to gain interest and improve their token balances.
It was revealed that Lending products would be available for Binance Coin and Tether (USDT) on a subscription basis from 6:00 am UTC on August 28th 2019 to 12:00 UTC on August 29th 2019. The lending platform would offer yielding profit to its user base with an annual interest of about 15 percent for BNB and 10 percent for Tether USDT.
As mentioned earlier, annual rate for the first BNB product was placed at 15 percent. The major advantage for the users was that they would control total number of tokens they want to lend, and the users will be able to receive funds with an assured interest. According to reports, the hard cap per user account for the BNB and Tether lending products was placed at 500 BNB and 1,000,000 USDT respectively.CZ, CEO of Binance, stated,
“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that. The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”