The Changpeng “CZ” Zhao-led Binance cryptocurrency exchange, has now announced that it is ready to launch the second phase of its Binance Lending service.
The first phase was launched on Wednesday the 28th of August and allowed users access to lending three different digital currencies including Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT). The second phase will give users the opportunity to lend a few more digital assets than the first. The company later announced on Twitter that within 10 minutes of the Phase 1 launch, all the limits for the three assets were maxed out.
According to the official announcement on the Binance website, the Phase II will support fixed terms of 14 and 28 days for the different digital assets. Subscription is slated to begin by 6 AM on Wednesday the 4th of September 2019 (UTC), and will run until 00:00 AM on Thursday the 5th of September 2019 (UTC). Binance also promises that interests on the loans will be immediately paid at maturity.
The announcement further states that apart from the original BNB, UTC, and USDT, there will also be access to Bitcoin (BTC), Ethereum (ETH) and Cardano’s ADA. Specifics for the new phase are as follows.
For USDT, users will have access to both 14 and 28-day maturity terms. For the former, access will only allow a total maximum of 20 million USDT with an individual cap of 1 million USDT at an annualized interest rate of 8%. For the 28-day term, the total maximum becomes 10,000,000 USDT with an individual maximum of 500,000 USDT at an interest rate of 8.25%
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