Binance has added two digital assets to its Binance Loans platform to cover more registered traders who seek to acquire funds from the platform. The digital assets that have been added are BAL and BAND. Binance announced the news through a post on its official website.
Binance Loans is a supportive hand of Binance that provides support for interest rates, crypto assets, maximum loan limits, and collateral assets. The offerings are based on market conditions and internal risk management.
Users who register themselves on Binance can apply for Binance Loans, and there is no restriction except for those who have not registered on the crypto exchange platform. Cryptocurrencies supported for borrowing Binance Loans are BTC, ETH, and BNB, among many others.
After the announcement, BAL and BAND have also joined the list of cryptocurrencies supported by Binance. The loan terms vary in five categories with a timeline of 7 days, 14 days, 30 days, 90 days, and 180 days. A loan can always be repaid before the due date without attracting any penalty or additional interest.
Interest on the loan is calculated hourly from the time the registered user takes the loan. A clock of less than an hour accounts for the interest of one hour.
Users have to add more collateral if the LTV, value of their loan to the value of their collateral goes higher than the marginal call LTV. Binance Loans may require repayment of the loan instead of adding more collateral, depending on the market conditions.
Binance Loans provides an overdue duration of 72 hours for loans with a duration of 7 & 14 days and an overdue duration of 168 hours for loans with 30, 90, and 180 days. An hourly rate in the multiple three is applied during the overdue duration. Unpaid loans after the expiration of overdue duration lead to the liquidation of the collateral.
Loans acquired from the platform can be withdrawn or used to trade on Binance subject to the qualification criteria.Traders interested in joining a reliable crypto platform should look at a research-based Binance review before taking a deep dive.
Binance is a global crypto exchange platform that was founded in 2017. It is headquartered in Malta, with BNB as its native token. More than 100 cryptocurrencies are listed on Binance, and at least 100 trading pairs are available for the traders.
Based in Hong Kong, Binance has spread its operations throughout the world by constantly focusing on being user-friendly and offering unique features.
eWallet is a feature on Binance that helps the registered users to store their digital holdings and earn interest on top of them. Mobile trading has made it more convenient for traders to access their portfolio, order the execution of a trade, and review the analytical chart to understand the trading condition better.