The leading digital currency exchange in the world by trading volume, Binance, is all set to unveil the phase two of the Binance Lending Products at 6 a.m. on 4th September 2019. This latest lending program offering will offer lending products for a fixed-term period of 14 days as well as 28 days. The update was shared by the crypto exchange on its official micro-blogging handle on 2nd September 2019, followed by a detailed blog post today.
— Binance (@binance) September 3, 2019
As per the blog post, the digital assets that will be offered by Binance as lending products include BNB (Binance Coin), BTC (Bitcoin), ETC (Ethereum Classic), USDT (Tether), ETH (Ethereum), and ADA (Cardano). In addition to that, Binance has also provided a chart of annualized interest rates for all the digital assets along with their lot size, term, individual cap, total subscription cap, along with interest per lot at maturity. For instance, BNB’s interest rate is set to 10% for the term of 28 days at the lot size of 10 BNB while BTC’s interest rate is set to 3% for 14 days and 3.25% for 28 days at the lot size of 0.01 BTC.
It is important to note that the subscription format is on a first-come-first-serve basis. The period of subscription begins from 4th September 2019 at 6 a.m. (UTC) and will end on 5th September 2019 at 0:00 a.m. (UTC). The interest pay-outs will be done as soon as the term of the loan matures.
The blog post also highlighted that Binance Coin balances, which are committed into the Lending products, would be included in the everyday Binance Coin balance calculations of each user for the Binance Launchpad along with other everyday calculations, as described in the updated daily calculation mechanism that is available on the site.