Binance Unveil New Lending Service

Binance Unveil New Lending Service

The capabilities for traders at Binance has just become more diverse with the lending service now in place on the platform.

Binance Lending, as the service is known, will allow users to ability to lend out any crypto held by users on the platform and in exchange, users will gain interest on the lent asset when the lending period is over and the assets are returned to you. Currently, users can already get in involved and benefit from lending out BNB and USDT, but more options are said to come available before long.

Simply choose the amount you want to lend. With the current hardcap for BNB sitting at 500 BNB, while the hard cap for USDT will be 1,000,000. These funds will then be stored for 14 days during which they will not be able to withdraw the funds, but for future products, this time scale can vary. Once that period is over, then the funds are returned alongside the interest accrued. Users can also opt to make use of Binance’s margin trading service in conjunction with the lending service if they would like to get involved.

 As Binance points out, the main benefit from lending out their crypto is the ability to benefit from “passive gains” as your assets will increase without you needing to do anything and regardless of market activity. This can be quite significant gains too with current the interest rate for BNB is pegged at 15% for the 14-day period. As Binance explain if you were to store the full 500 BNB on the lending service, over the space of a year that could see you gain 75 BNB, which would work out as 2.875 BNB over the course of the 14-day period.

Plus, any crypto stored in Binance Lending will be counted in the daily calculation of BNB balances and thus, can see you benefit from promos on the platform too.

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