September 04, 2019, | AtoZ Markets - On Wednesday, Binance launched the second phase of its crypto lending platform, Binance Lending. Binance announced on August 26th that it will launch a lending platform on August 28th.
The Phase of the platform went live on August 28th which offered 14-day fixed-term lending products for Tether(USDT), Binance Coin(BNB), and Ethereum Classic(ETC). They published an article on their website in which they explained what the second phase is all about. The second phase offered support for three additional cryptocurrencies: Bitcoin(BTC), Ether(ETH), and Cardano(ADA).
Below are the details of the lending products that are currently on offer:
The subscription period is from September 4th to September 5th and follows the “first-come-first-served” basis. The interest calculation period will start on September 5th.
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Binance Lending Phase 2 in details
With Lending, Binance users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.
In the first phase of the Lending launch, 14-day fixed-term BNB, USDT, and ETC lending products will be made available, with further details below:
- Annualized Interest Rates: BNB (15%), USDT (10%), ETC (7%).
- Subscription Period: From 2019/08/28 6:00 AM (UTC) to 2019/08/29 0:00 AM (UTC).
- Term to Maturity: 14 days.
- Interest Calculation Period: From 2019/08/29 0:00 AM (UTC) to 2019/09/10 23:59 PM (UTC).
- Interest Payout Time: Immediately after loan term matures.
- Subscription Format: First-come-first-served basis.