Binance to Launch Lending for XMR, ZEC and DASH This Week

Altcoins

Binance exchange will feature three new coins within the fifth phase of its crypto lending product available for subscription starting from Sept. 20.

Same interest rate for all 3 coins

After initially launching its Binance Lending Service on Aug. 28, Binance will now allow users to lend assets and earn interest with three major altcoins, including privacy-focused coin Monero (XMR), Zcash (ZEC) and Dash (DASH).

Fifth phase of Binance Lending Service. Source: Binance

Fifth phase of Binance Lending Service. Source: Binance

Similarly to the initial phase, lending products on the fifth phase on the platform will have a 14-day fixed-term lending period after subscription from Sept. 20 to Sept 21. According to the announcement, all cryptocurrencies will have the same annualized interest rate of 3.5%.

Fourth phase offered 3% rate for Bitcoin

In the initial phase, Binance’s native crypto Binance Coin (BNB) had the highest annualized interest rate of 15%, while the fourth phase offered 10% and 6% interest rates for BNB. The phase also offered lending for Bitcoin (BTC), with 3% interest rate and a total subscription cap of 2,000 BTC as well as Ether (ETH), Ethereum Classic (ETC) and stablecoin Tether (USDT).

The interest calculation period for the fifth phase will be from Sept. 20 to Oct. 4, while interest payout time will take place immediately after the loan term matures, Binance noted.

Yesterday, Binance CEO Changpeng Zhao dispelled fears that a hacker had attacked its Bitcoin futures platform, launched on Sept. 2. Earlier today, the China-founded exchange was reported to have make its first strategic investment in a Chinese firm after leaving China amid the local crypto trading ban in 2017.

Products You May Like

Articles You May Like

Consumers may qualify for up to $10,000 — or more — in climate tax breaks and rebates in the Inflation Reduction Act
26% of job switchers regret joining the Great Resignation, survey finds: ‘They’ve sobered up’
The Ethereum Merge on Course After the Goerli Test Merge Was Successfully Completed
Expanded health insurance subsidies remain intact for 13 million people under Inflation Reduction Act
Salman Rushdie reportedly on a ventilator and unable to speak after he was stabbed

Leave a Reply

Your email address will not be published.