Leading cryptocurrency exchange Binance has launched the ninth phase of its lending product.
The ninth phase which is scheduled to commence from the 16th day of October, 2019 will carry a 14-day fixed term with six lending products offered.
Like previous phases, subscription for this ninth phase will be a first come first served basis. Subscription is expected to commence from the 16th of October at 12:00 PM (UTC) to 0:00AM on the 17th.
For the ninth phase, Binance offers six lending products to the public.
The BNB Lending product carries a total subscription cap of 1, 000,000 BNB with individual cap set at 5,000 BNB at an interest rate of 6%.
Bitcoin BTC Lending product carries a subscription cap of 1,000 BTC with individual cap set at 20 BTC generating interest rate of 3%.
BUSD and USDT has a total subscription cap of 10,000,000 and individual cap of 1,000,000. However, interest rates are 10% and 6% respectively.
ETH Lending products offers total subscription cap of 10,000 ETH at 6% interest rate with personal subscription cap set at 1 ETH.
MATIC Lending product bears a 6% interest rate with 20,000,000 and 200,000 total and individual subscription cap.
CZ, CEO of Binance has revealed that funds received from lenders are used by Margin traders while the interest paid to lenders are obtained from fees paid by traders on its margin trading platform.
Interest calculations begins from the commencement of the subscription period to the 30th of October, 2019 at 12:00 PM (UTC).
Payment of interest is immediately after loan term matures.
Binance revealed that the BNB balanced committed into Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.
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