Binance has announced the launching details of Binance Lending Products. The well-known crypto trading platform will unveil the new product line at 12:00 PM (UTC) on March 2, 2020, for its global users.
According to the official announcement, Binance will launch 15-days fixed-term lending products as part of the sixteenth phase of its lending products. The details regarding the launch are mentioned below, have a look:
- Subscription Period- From 12:00 PM (UTC) on March 2, 2020 to 12:00 PM (UTC) on March 3, 2020
- Interest Calculation Period- From 12:00 PM (UTC) on March 3, 2020 to 12:00 PM (UTC) on March 18, 2020
- Interest Payout- Immediately after the maturity of the loan term
- Subscription basis- First-come-first-served basis
The table given below describes the Lending Product details:
|Digital Asset||Term to Maturity||Total Subscription Cap||Individual Cap||Annualized Interest Rate||Lot Size||Interest Per Lot at Maturity|
|BUSD||15 days||35,000,000 BUSD||5,000,000 BUSD||15%||100 BUSD||0.61643 BUSD|
|USDT||15 days||35,000,000 USDT||5,000,000 USDT||10%||100 USDT||0.41095 USDT|
Interestingly, Binance launched the fifteenth phase of its lending products on February 24, 2020. The highly reputed trading exchange takes pride in being the largest crypto exchange in terms of trading volume. The exchange boasts of a leading chain of top-rated cryptocurrencies and an array of fiat gateways to streamline the trading activities of its wide customer base.