Binance will launch their Lending Platform tomorrow as a value-added service to Binance users who hold idle digital assets.
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. The Lending platform will include an annulized interest rates of 15% for USD and on ETC 7%.
The annualized interest rate for the initial lending products with a 14-day fixed maturity term, has been set at 15 percent, 10 percent and seven percent, for BNB, USDT, and ETC, respectively.
Binance puts out a total subscription cap of 200,000 BNB, 5 million USDT and 20,000 ETC. If all the initially planned products get fully subscribed, Binance would pay out interests of 1,150 BNB, 19,178 USDT and 53 ETC, which worth about $50,000 as of press time.
Each user’s account on Binance will have an initial hard cap for BNB-, USDT- and ETC-denominated lending products at 500 BNB, 1,000,000 USDT, and 1,000 ETC, respectively.