One of the largest cryptocurrency exchanges, Binance, intends to launch its new lending product on August 28. Will it work?
According to today's information, holders of Binance Coin (BNB)
, Ethereum Classic (ETC)
and Tether (USDT)
will be able to grant loans in those cryptocurrencies. The platform, through which investors will be able to earn interests on, is called Binance Lending.
Registration will be carried out on August 28th and 29th. During the two-week trial period, products (currencies) will have the highest interest rate. For BNB
it will be 15%, for ETC
- 10% and 7%.
The first interest period will run from August 29 to September 10. The interest payment date is to be immediately after the loan period. The company said annual interest rates for the upcoming phases will be adjusted based on market acceptance in the early stages.
If the user registers for borrowing 10 "lots" of BNB (or 100 coins), the value of interest paid will be: 0.057534 BNB x 10 = 0.57534 BNB.