Binance, the world’s leading crypto exchange, in an official blog post on Thursday announced the addition of USDC, Litecoin [LTC] and Ethereum Classic [ETC] for margin trading purposes, with the trading pairs BTC/USDC, LTC/USDT, LTC/BTC, ETC/USDT, ETC/BTC. The existing margin and borrowable assets are BTC, ETH, XRP, BNB, TRX, USDT, LINK, EOS, ADA, ONT.
The announcement read,
#Binance Adds Margin Trading for $USDC, @litecoin $LTC and @eth_classic $ETChttps://t.co/NPagGvoF0A pic.twitter.com/OyemCAYCSa
— Binance (@binance) August 8, 2019
For users in the category of ‘VIP 0,’ margin trading in Litecoin was offered a borrowing limit of 50 LTC, with a daily interest rate of 0.02%. In the same category, there was a borrowing limit of 20000 USDC and a daily interest rate of 0.02%. ‘VIP 0’ users trading Ethereum Classic have been offered a borrowing limit of 300 ETC, with 0.02% as a daily interest rate.
The borrowing limit offered rises as the levels upgrade from VIP 1 to VIP 8, while the daily interest rates for the assets falls in the same direction.
Binance had launched version 2.0 on its platform in July, enabling margin trading service for its customers, a service which required its users to complete and pass KYC [know-your-customer] processes and a mandatory two-factor authentication set up. Binance CEO, Changpeng Zhao aka CZ, had earlier envisioned the trading platform to serve the needs of both “advanced institutional traders as well as the retail traders under the same roof.”