Binance, the leading digital currency exchange in the world in terms of trading volume, is all set to unveil the phase four of its Lending Products. The exchange made an official announcement detailing the launch date, time and format in an official blog post dated September 16, 2019.
As per the announcement, the Binance Lending Products’ 4th phase will be launched on September 18, 2019, at 6 am of the UTC zone. With this launch, Binance will make lending products with the fixed-term of 14 days’ available to users.
Users must note that the subscription period will begin from 6 am (UTC) on September 18, 2019, and run till September 19, 2019, 0:00 am. The duration of interest calculation is slated to start from September 18, 2019, 6 am and end on October 2, 2019, at 6 am (UTC).
The time of interest payouts is immediately after the loan term maturity, whereas the format of the subscription is on a first-come-first-serve basis, revealed the blog post.
According to the announcement, the digital assets to be included in the fourth phase are Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Ethereum Classic (ETC).
While the annual interest rate for BNB is 10 per cent with a lot size of 10 BNB and individual cap of 500 BNB, Bitcoin is available at 3 per cent annual rate of interest with the individual cap of 20 BTC and a lot size of 0.01 BTC. ETH and ETC are available for 6 per cent and 7 per cent annual rate of interest with the individual cap of 150 ETH and 1,000 ETC, respectively. Their lot sizes are 1 ETH and 1 ETC. USDT, on the other hand, has an annual interest rate of 10 per cent with 100 USDT lot size. The individual cap of USDT is 5,000,000.
Binance has also provided the total subscription cap, as well as interest at maturity per lot, for each of these digital assets in its official announcement to make it easier for users.