Yesterday, Binance Exchange announced the launch of the third phase of Binance Lending Products. Information from Binance has it that there will be availability of 14-day fixed term lending products. The digital currencies included for the phase are XRP, Litecoin Binance (BNB), Ethereum Classic (ETC), Tether (USDT) and USD Coin (USDC).
The lending platform recently initiated and anchored by Binance has since attracted a host of trustworthy investors, coupled with a rewarding system that is based on interest rate.
During the second phase of the Binance Lending Products, there were inclusion of Bitcoin (BTC), Cardano (ADA), and some other cryptocurrencies. The third phase has also been scheduled for 11th September, 2019.
According to Binance, the subscription format is going to be “first-come first-served”, as the interest will be immediately paid out once the loan term matures. There is a well elaborated chart attached to the post, in order to make the terms comprehensible for the investors.
Image Credit: Binance
Binance also pointed that, the subscription period is from 11th September, 2019, 6:00 AM (UTC) to 12th September, 2019, 0:00 AM (UTC). While interest calculation period is scheduled to hold from the day third phase is starting to 25th September, 2019.
Going by the update, citing a possible example, a user with subscription of 10 lots of BNB Lending will earn 0.038356 BNB * 10 = 0.38356 BNB when the loan reaches date of maturity.
Binance added that the users’ BNB balances meant for lending products will be added to each user’s daily BNB balance calculations for Binance Launchpad and daily calculations.
Binance Acquires JEX
About 7 days ago, Binance, the largest cryptocurrency exchange by total volume announced the acquisition of JEX, a platform dedicated to cryptoasset trading.
According to the update, JEX will be named Binance JEX once it joins the Binance ecosystem. The focus of the new acquisition will be on growing the cryptoasset derivatives market.
It also aims at providing Binance users with advanced and professional services, coupled with futures contracts and other derivative products.