As Binance Lending Service approaches its fifth phase, the company announced that it’s adding a new set of crypto lending products. Privacy-focused tokens such as DASH (Dash), ZEC (Zcash), and XMR (Monero) would be available on the lending platform. The subscription period would begin on September 20.
Notably, on August 28, Binance launched its lending service. According to the global crypto exchange, they want Binance users to grow their funds by lending out their idle holdings and earning interest in return. The first set of lending products made available in the initial phase consists of BNB (Binance Coin), USDT (Tether), and ETC (Ethereum Classic.
Similar procedure and interest rate
During the initial phase, the lending products were made available within a 14-day (fixed term). The same procedure would be followed in the fifth phase. Upon subscription, the crypto lending platform would have the same lending period as the first. Binance also clarified that all the newly-added privacy-focused cryptocurrencies would have 3.5% as the annual interest rate.
Varying interest rates in the fourth phase
BNB, the platform’s native crypto, incurred 15%, the highest annual interest rate in the first phase. However, it went down to 6% and 10% in the fourth phase. Meanwhile, Bitcoin, Tether, Ethereun , and Ethereum Classic have an annual interest rate of 3% in the same phase.
The fifth phase’s calculation period for the annual interest rate would fall from September 20 to October 4. Binance announced that the interest payout time would follow immediately upon the maturity of the loan term.
Meanwhile, the CEO of Binance, Changpeng Zhao, dismissed the notion that hackers had attacked the firm’s recently-launched platform for BTC futures products.
A separate account confirms that Binance made another strategic investment with a Chinese firm. Notably, the crypto exchange that was founded in China was forced to halt its operation in 2017 when the Chinese government made its move against crypto trading.