Binance will launch their lending platform on 2019/08/28 6:00 AM (UTC).
How does it work?
Users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time. Similarly, to Nexo and other crypto lending platforms.
The first phase will include 14-day fixed term for BNB, USDT and ETC. Binance is considering adding other assets in the future. As a result traders will be able to borrow these funds in order to trade on margin on Binance, 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.
If User A subscribes to 10 lots of BNB Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.057534 BNB x 10 = 0.57534 BNB.
To see full details, refer to https://www.binance.com/en/support/articles/360032921211