Lawrence Jengar
Nov 20, 2024 10:53
Binance has announced the inclusion of a new loanable asset to its Binance Loans (Flexible Rate) and VIP Loan platforms, enhancing its crypto lending services.
In a strategic move to enhance its crypto lending services, Binance has announced the addition of a new loanable asset on its Binance Loans (Flexible Rate) and VIP Loan platforms. This development aims to offer users more flexibility and competitive options in managing their digital assets, according to Binance.
Flexible Rate Loans
The Binance Loans (Flexible Rate) product is designed to provide users with open-term loan options, allowing them to collateralize cryptocurrencies held in existing Simple Earn Flexible Products subscriptions. This service offers real-time APR rewards and a dynamic loan rate that updates every minute, enabling users to take out loans with minimal amounts equivalent to 1 USDC.
VIP Loan Services
Binance’s VIP Loan is tailored for both personal and institutional clients, offering over-collateralized loans with favorable terms and rates. This service aims to unlock greater liquidity and support investment strategies such as leveraged trading and hedging.
Platform Accessibility and Updates
To facilitate new loan orders, Binance recommends users update their mobile applications to the latest versions—iOS v2.78.0 or Android v2.78.0. Older versions will not support the placement of new loans under the Flexible Rate option. Interested users can refer to Binance’s loan data resources for the most recent interest rates and a comprehensive list of available loanable and collateral assets.
The addition of new loanable assets is part of Binance’s continuous efforts to provide innovative financial solutions and cater to the diverse needs of its global user base. By expanding its loan offerings, Binance strengthens its position in the burgeoning crypto lending market.
Image source: Shutterstock
