The third phase of the controversial crypto-lending products by Binance is now including crypto options such as Litecoin, XRP, and USDT as per the reports in the coming altcoin news.
The crypto exchange Binance announced the third phase of the product and the altcoins are joining the so far present coins such as Ethereum Classic, Tether, and Binance Coin. The concept of the scheme is simple. By simply depositing the tokens for a fixed term of 14 days, the users receive a fixed interest rate on maturity. The second phase of the product also included a 28-day term option but this time the participants are limited to 14 days. There is also an overall subscription cap to the amount of each token and then also a limit as to how much an individual can lend. This time, the interest is set at an annualized rate of 7% other than BNB and Tether which will attract up to 10 percent annualized interest rate. The subscriptions are allocated on the first-come-first-served basis and the third phase will start on September 11 at 6 am.
The new entrants to the third phase product include Litecoin and XRP. XRP has a total subscription cap of 1,000,000 and an individual cap of 50,000 XRP. The 7 percent interest rate means that a 100 xRP will give you a 0.268493 XRP in interest at the end of the 14 days.
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Litecoin has a subscription cap of 6,000 LTC and an individual cap of 300. However, as per the reports, not everyone believes that the Binance crypto-lending product is a good thing. From the concerns about the fixed interest rate, the comparisons with scam platform BitConnect, many have been opinionated about the scheme. In many ways, it seems designed to encourage more people to hodl the Binance native token- the BNB coin. There is also the issue of depositing tokens with a centralized exchange which has already been the victim of the hack at the start of the year.
As per the reports in the latest cryptocurrency news, the customers did not suffer a major loss from the hack but handing the control of their keys to exchange is never recommended as they did with Binance. The first two phases of the lending product have now been fully subscribed so there is still plenty of people who will buy into the latest innovation.
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