P2P loans have become a common feature of the Cryptocurrency sector, with many Stablecoins paying out vastly more interest than a typical United States Dollar. It is not uncommon to see interest rates of 8%+ on the USDT (United States Dollar Tether) Stablecoin, which is in stark contrast to the 1~2% ‘High Interest Savings Accounts’ that traditional banks are currently offering. The Binance Crypto Exchange is no exception to this market trend and their announcement of their Third Phase of Binance Lending Products is out! Below is their full announcement;
Fellow Binancians,
Binance will launch the third phase of Binance Lending Products at 2019/09/11 6:00 AM (UTC), where 14-day fixed term lending products will be made available. Further details are below:
- Subscription Format: First-come-first-served basis.
- Subscription Period: From 2019/09/11 6:00 AM (UTC) to 2019/09/12 0:00 AM (UTC).
- Interest Calculation Period: 2019/09/11 6:00 AM (UTC) to 2019/09/25 6:00 AM (UTC).
- Interest Payout Time: Immediately after loan term matures.
Lending Product Details (Subscribe now)
Example:
If User A subscribes to 10 lots of BNB (14 days) Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.038356 BNB * 10 = 0.38356 BNB.
Note:
- BNB balances committed into Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations as mentioned in the Daily BNB Balance Calculation Mechanism Update.
- Refer here for the Binance Lending User Guide;
- Please refer to Binance Terms of Use prior to using any products on the Binance Lending platform.
Thanks for your support!
Binance Team
2019/09/09
DisruptionBanking gives this information a Four Star rating; one for providing Proper Interest Rates as seen on the market pre-1971, and three for their now Three-Tier Lending Product offer.
