Binance is all set to launch its third phase of lending products on 11th September 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 Ripple, Litecoin and USD Coin to Third Phase of Lending Program
Per an official announcement on Binance’s twitter handle, Binance is all set to launch its third phase of Binance Lending Products on September 11th.
Binance has added Ripple(XRP), Litecoin(LTC) and USDC to the third phase of the lending program providing 7% annual returns. Users will be able to lend Binance Coin(BNB), Ethereum Classic(ETC), Litecoin(LTC), Ripple(XRP) USD Coin(USDC) and Tether(USDT) to earn interests payable from September 11th to September 25th.
The annualized interest rate of initial lending products has been set at 10%, 7%, 7% , 7%, 7% and 10% for Binance Coin(BNB), Ethereum Classic(ETC), Litecoin(LTC), Ripple(XRP) USD Coin(USDC) and Tether(USDT) respectively.
Binance launched the second phase of its lending program on 4th of September. In the second phase, 14- day and 28-day fixed-term lending products were made available. However, in the third phase interests will be accrued over a fixed period of 14-days only. The first phase of Binance lending began on the 28th of August with returns as high as 15% on BNB coin.
Launch Of Binance.US
Yesterday, Binance announced the launch of Binance.US in the upcoming weeks. Per reports, the KYC procedures will be starting a few days earlier, thus giving users ample time to get their accounts verified and deposit their funds.
For completing the onboarding process, customers will be required to provide a valid government ID. It can be their passport, driver’s license or their social security number. The list of states where Binance.US will be available is not yet finalized. However, it will be released before the starting of the process.
With so many developments on its name, traders on Binance platform are in for garnering huge profits. Will Binance manage to keep up with all of its developments in the same manner and with the same fervour? Let us know, what you think in comments!