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Binance Ventures Into Cryptocurrency Lending by Allowing Earning Interest on These Three Altcoins

  • Alex Dovbnya
    📰 News

    The first batch of Binance’s lending products will be denominated in Ethereum Classic, Binance Coin, and Tether  

Binance Ventures Into Cryptocurrency Lending by Allowing Earning Interest on These Three Altcoins
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Contents

Binance, the number one exchange by trading volumes, has made a foray into the lending business. Binance Lending will allow its customers to earn interest on Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT) with more coins potentially being added in the future. 

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Three lending products

Binance CEO Changpend Zhao teased the announcement earlier today by implying that the exchange’s users would be able to earn crypto while they sleep. However, CZ spoiled the surprise by previously mentioning that the exchange was considering the launch of a new lending platform by the end of the summer.   

BNB, the native cryptocurrency of Binance, has the highest annualized interest rate of 15 percent. Meanwhile, USDT and ETC lenders will be content with 10 percent and seven percent respectively. However, Tether holders will be able to lend out a maximum amount of one million Tether.    

Binance Lending will also allow the exchange to increase its existing margin limits.

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Here’s how it works

The modus operandi of the new feature seems very straightforward — users are required to subscribe funds and hold them in a designated Binance lending product while accruing interest. The maturity term of the initial lending products is set at 14 days. 

The principal amount (along with the earned interest) will be displayed in the ‘Balances’ section  as soon as the product reaches its redemption date.

The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves,” said CZ in his statement.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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