By One of the Leading Cryptocurrency exchange Binance has unveiled its launch of the eighth phase of its Binance lending product on October 9. Binance will begin offering 14-day fixed-term lending products in this phase in a matter of a month. Subscribers will be accepted on a first-come, first-served basis. The subscription period begins on October 10 and ends on November 10, while interest will be paid immediately upon loan term maturity.
According to the official blog post, the digital assets included in the program are Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), EOS, Ethereum Classic (ETC), Ether (ETH), Chainlink (LINK), Tether (USDT) and XRP. The annualized percentage yield on loans starts at 3% for Bitcoin and reaches 10% for BNB, USDT, and BUSD.
Binance CEO Changpeng Zhao showed satisfaction following the high yield of those loans in a tweet sent on October 7:
“How much interest is your $USD making for ya in the bank? Convert them to $BUSD and let them start to make 10% APY for you.”
Binance’s lending platform went live on August 26 with just two products, BNB and USDT. The next phase of the strategic lending platform will have a subscription period from October 9 and end on October 10. Previously, the service only supported Binance Coin, Ethereum Classic, and Tether. In September, the products included privacy-focused coins, Monero (XMR), Zcash (ZEC), and Dash (DASH).
Similar to the previous lending phases, this is the eighth such holding in which Binance Coin [BNB] will be offered with two different subscriptions, one being 100,000 BNB and the other 1,000,000 BNB at an annualized rate of 10% and 6% respectively, with a lot size of 10 BNB each. Binance USD [BUSD] also has an annualized rate of 10% and a total subscription cap of 15,000,000 BUSD with a lot size of 10 BUSD.
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