Darius Baru
Sep 04, 2024 11:19
Binance has added new loanable assets to its flexible interest rate and VIP lending service, giving users looking for crypto-backed loans more options.
Binance, one of the world’s largest cryptocurrency exchanges, has announced the addition of new loanable assets to its Binance Lending (flexible interest rate) and VIP Lending services.
Enhanced Loanable Assets
Binance’s latest update expands the range of options available to users looking to leverage their crypto holdings by introducing new loanable assets. The move aims to provide greater flexibility and tailored financial solutions to both individual and institutional clients.
Binance Loans (Flexible Interest Rates)
Binance Loans (Flexible Rate) is an open lending product that allows users to borrow against their cryptocurrency holdings without having to commit to a specific loan term. Users can place loan orders using assets from their existing Simple Earn Flexible Products subscription as collateral. The loan rate is refreshed every minute, and users can place loan orders with a minimum of 1 USDC. The service offers flexible loan options, and users can receive real-time APR rewards through Simple Earn Flexible Products.
Binance VIP Loan
For larger individual and institutional needs, Binance offers VIP lending services. This over-collateralized lending product offers competitive rates and terms, and is suitable for users seeking greater liquidity for long-term investments, leveraged trading, and hedging strategies. VIP lending services are designed to provide users with greater financial potential.
Additional information
To take advantage of these new loanable assets, users are advised to refer to Binance’s loan data and VIP lending pages for the latest interest rates and a full list of loanable and collateralized assets. Users interested in the VIP lending service can also contact the Binance VIP Key Account Coverage team for more information.
Additionally, to place new Binance Loans (Flexible Rate) orders via the Binance App, users must upgrade to iOS v2.78.0 or Android v2.78.0 or later. Older app versions no longer support placing new orders.
Binance is constantly improving its financial product offerings to provide versatile and competitive solutions to its diverse user base. The introduction of these new loanable assets demonstrates Binance’s commitment to expanding its financial services and meeting the evolving needs of the crypto community.
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