Binance, the world’s largest cryptocurrency exchange has been at the forefront of changes in the cryptocurrency space, be it including upgrades or by providing new opportunities for investors int eh space. Changpeng Zhao, the Chief Executive Officer [CEO] of Binance has been an active member of the digital asset industry, and his latest tweet had riled up the crypto Twitter space.
His tweet read:
“Would you like to earn #crypto while you sleep?
Keep an eye on @binance today.”
Although there were many speculations as to what the update will be, Binance soon announced what the suspense build-up was for. The organization revealed that the company will now launch its much-awaited lending platform with initial BNB and Tether lending products. CZ had stated:
“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that. The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”
The company informed users that the lending products would become available for Binance Coin and Tether on a subscription basis from 6:00 UTC August 28th to 12:00 UTC on August 29th. Lending on Binance will mainly go the margin borrowers who pay the interest.
The CEO made it a point to emphasize on the point that Binance trading was very different from other guaranteed-return schemes in a way that the company does not have to look for other places to invest in. The annual rate for the first BNB product was placed at 15 percent, a caveat that had caught the eye of many investors.
Binance also claims that with the launch of the lending platform, the organization will have the availability of funds to led to margin traders, which in turn may increase the current margin limits. The lending platform will have annualized interest rates for upcoming phases that will be adjusted based on the market reception of the first phase of lending.
Supporters of Binance have been quite vocal about the launch of the new platform, and many are out to dissuade the naysayers. One supporter, Degen Spartan, took to Twitter to comment:
“everyone calling the binance lending the new bitconnect lmao
get the hell out of my way and don’t steal my allocation for maximum lots
as if 500 bnb is a lot of capital to risk to earn 15%
wot else u gonna do with it mate”
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