Binance is all set to launch the second phase of Binance Lending Products on 4th of September, 6:00 AM (UTC), wherein, 14- day and 28-day fixed-term lending products will be made available. The service will be available on a first-come-first-serve basis.
Higher Returns for Traders
Per an official announcement on Binance’s twitter handle, Binance is all geared up to launch its second phase of Binance Lending Products on September 4th.
In the second phase of Binance’s lending initiative, users will be able to lend USDT, ETC, ADA, ETH, and BTC to earn interests payable from Sep. 5 to Sep 19. The annualized interest rate for initial lending products with a 14-day fixed maturity term has been set at 8 percent, 7 percent, 6 percent, 6 percent, and 3 percent, for Tether(USDT), Ethereum Classis(ETC), Cardano(ADA), Ethereum(ETH), and Bitcoin(BTC) respectively.
The previous week saw Binance launching the first phase of its lending program. While it seems like a start good enough, Binance is effective beginning with about $30 million in crypto-lending. Furthermore, the annual interest offered is far higher than the return from banks.
From The CEO’s Desk
Changpeng Zhao, the CEO of Binance, noted,
“This will also increase the availability of funds to lend to Margin traders, so expect the (previously low) margin limits to increase a bit. The new space is designed to work to simultaneously with the margin trading platform. The margin traders would pay the interest charged for lending. Hence. Binance will act as a mediatory.”
Binance on “All-Time High”
Yesterday, Binance launched two test platforms for its planned crypto futures products. The futures dubbed Futures A and Futures B are now open to users with new competitions to get more traders onboard. Binance will be awarding prizes totaling 10,000 Binance coins (BNB) for each platform.
In early July, Binance founder and CEO Changpeng “CZ” Zhao revealed that crypto futures were on the way. Although then he did not reveal the specific date of launch, he shared the plan of launching a platform for futures trading with features including longs and shorts on crypto assets.