Binance creates crypto lending platform for Binance Coin and Tether

The exchange is offering a guaranteed interest rate of 15 percent for all of its users.

By Tim Copeland

1 min read

Crypto exchange Binance is launching a crypto lending platform, on Wednesday, so its users can choose to lend out their Binance coins (BNB) and receive interest on them.

The lending platform offers an annual interest rate of 15 percent. According to Binance CEO, Changpeng Zhao, the rate is fixed regardless of how the market moves.

“The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves,” said Zhao, in a statement.

The platform will initially support Binance’s native cryptocurrency BNB and controversial stablecoin Tether (USDT). The maximum amount that users will be able to lend out is 500 BNB ($13,100) and one million USDT ($1 million).

The lending platform will be adding new tokens based on demand.

The news comes shortly after Celsius Network introduced a similar lending service for Tether. Its service offers eight percent interest—unless you agree to get paid in its token, adding an extra two percent.

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