Cryptocurrency exchange, Binance, announced the third phase of its controversial crypto-lending product yesterday. This time it has included options to earn interest on XRP, Litecoin (LTC), and stable coin, USDC. These join the so far ever present, Binance coin (BNB), Ethereum Classic (ETC), and Tether (USDT).
Binance Ups its Lending Game
The basic concept of the scheme is simple. By depositing your tokens for a fixed term of 14 days you receive a fixed interest rate (paid in tokens) on maturity. Phase two of the product also included a 28 day term option, but this time participants are limited to 14 days.
There is an overall subscription cap to the amount of each token which is accepted in a phase, and also a limit as to how much an individual can lend. This time around, interest is set at an annualised rate of 7%, other than for BNB and Tether, which attract a 10% annualised interest rate.
Subscriptions are allocated on a first-come first-served basis, and start for this phase on Sept 11 at 6am (UTC).
XRP and Litecoin Join The…