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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.
Register on Binance and start trading cryptocurrencies HERE

Example

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

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