Binance is all set to launch its sixth phase of lending products on 25th September at 6:00 AM (UTC), where 14-day fixed-term lending products will be made available. The service is available to users on a first-come-first-serve basis.
Binance Adds EOS, LINK to Sixth Phase of Lending Program
Per an official announcement on Binance’s twitter handle, Binance is all set to launch its sixth phase of Binance Lending Products on September 25th.
In the sixth phase of Binance’s lending initiative, users will be able to lend Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) to earn interests payable from Sep. 25 to Oct. 09.
The annualized interest rate for initial lending products with a 14-day fixed maturity term has been set at 10 percent, 3 percent, 6 percent, 7 percent, and 6 percent, 6 percent, 10% and 6% for Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) respectively.
A Look At Binance’s Different Phases of Lending
The third phase of the launch saw Ripple(XRP), Litecoin(LTC) and USDC being added to the lending platform providing 7% annual returns.
Binance launched the second phase of its lending program on the 4th of September. In the second phase, 14- day and 28-day fixed-term lending products were made available.
The first phase of Binance lending began on the 28th of August with returns as high as 15% on BNB coin. Binance believes that the various phases of lending will increase the availability of funds to margin traders.
Binance Supporting the EOS Hard Fork and Upgrade
Today, Binance also announced that it will support the upcoming EOS hard fork and upgrade. For the same purpose, deposits and withdrawals of EOS will be suspended starting from 2019/09/23 12:00 PM (UTC). However, trading of EOS will not be affected.
Will Binance’s ongoing initiatives bring more traders to the platforms? Will the crypto market soon present the scenario of “Spoilt for Choice” as leading exchanges compete to get the best user experience? Let us know what you think?