Binance, the largest cryptocurrency exchange in the world by market capitalization, has announced the commencement of the second phase of its lending program, offering users 14-day and 28-day fixed-term lending contracts, according to a blog post on September 3, 2019.
Binance Lending Phase 2 Goes Live
Following the success of the inaugural edition of the Binance lending program, the exchange has launched phase two of the program which is scheduled to run from September 4, 2019, 6:00 AM (UTC) to September 5, 2019, 0:00 AM UTC.
As stated in its blog post, phase 2 of the Binance lending program offers participants 14-day and 28-day fixed-term lending products.
Supported cryptos include bitcoin (BTC), tether (USDT), cardano (ADA), ether (ETH) and ethereum classic (ETC).
Breaking it Down
In the second phase of the Binance lending program, USDT has a total subscription cap of 20 million, ETC is capped at 20,000 while ADA and ETH have a maximum subscription cap of 10 million and 10k, respectively in the 14-day lending contract.
The maximum subscription cap for BTC in the 14-day and 28-day term is fixed at 1,000 BTC and 500 BTC, respectively, while BNB and USDT have a total subscription cap of 200,000 BNB and 10 million USDT in the 28-day-term.
The subscription is on a first-come-first-serve basis and interest is paid to participants immediately after the maturation of the loan term.
The phase two of the Binance lending program offers participants interested in the 14-day loan term 8 percent annualized interest rate on USDT; ETC attracts 7 percent annualized interest rate; BTC is 3 percent, while ETH and ADA come with 7 percent annualized interest rates.
At press time, the total subscription cap for both the 14-day and 28-day lending terms for BTC, ETH, ADA, and ETC have been reached, leaving behind only the USDT lending product. The exchange stated:
“BNB balances committed into lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.“
Binance remains one of the most active crypto exchanges and blockchain projects in existence, with numerous innovative products and services.
On September 4, 2019, BTCManager informed that Travala.com, a DLT-based hotel booking project has announced plans to move its native AVA token to Binance Chain.
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