— Binance (@binance) August 26, 2019
According to the recent announcement, Binance investors will be able to earn passive income with 15% annual interest rates for BNB, 7% for ETC, and 10% for USDT.
The designated hard cap per account for BNB, ETC and USDT-denominated lending products will be initially set at 500 BNB, 20,000 ETC, and 1,000,000 USDT respectively.
“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that,” said Binance CEO Changpeng Zhao. “The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”
Binance isn’t the first major exchange to launch a lending product. Last December, Hong Kong-based OKEx launched its OK PiggyBank functionality, which allows users to lend their crypto holdings to margin traders to earn daily interest. KuCoin also offers daily interest for holding its exchange token, KuCoin Shares.
More: Binance Will Launch Lending Platform: 14-Day Fixed Term USDT, BNB and ETC Lending Products Available for Subscription
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.