Binance, a leading cryptocurrency exchange, and ecosystem, today announced the launch of Binance Lending, a service enabling users to lend cryptocurrencies and earn interest.
Binance Lending products for BNB and USDT will be available for subscription starting from 6:00 am UTC on August 28, 2019, to 12:00 am UTC on August 29, 2019, on a first-come, first-served basis.
“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.”
– CZ, CEO of Binance
The annualized interest rate for the initial BNB lending product, which has an initial 14-day period, is set at 15%. The designated hard cap per account for BNB- and USDT-denominated lending products will be initially set at 500 BNB and 1,000,000 USDT respectively.
Binance users can decide the number of tokens they want to lend at the time of subscription and will be able to retrieve funds with guaranteed interest after the designated subscription period.
Binance Lending will be constantly evaluating new coins and tokens to support as lending products based on demand and to deliver the best value.