Darius Baruo Sep 04, 2024 11:19
Binance has added new loanable assets to its Flexible Rate and VIP Loan services, enhancing options for users seeking crypto-backed loans.
Binance, one of the world’s leading cryptocurrency exchanges, has announced the addition of new loanable assets to its Binance Loans (Flexible Rate) and VIP Loan services, according to Binance.
Enhanced Loanable Assets
Binance’s latest update introduces new loanable assets, expanding the range of options available for users seeking to leverage their cryptocurrency holdings. This move aims to provide greater flexibility and tailored financial solutions to both individual and institutional clients.
Binance Loans (Flexible Rate)
Binance Loans (Flexible Rate) is an open-term loan product that allows users to borrow against their cryptocurrency holdings without committing to a specific loan term. Users can place loan orders while collateralizing assets in existing Simple Earn Flexible Products subscriptions. The loan rates are refreshed every minute, and users can place a loan order with a minimum of 1 USDC equivalent. This service provides a flexible borrowing option and enables users to earn Real-Time APR rewards through Simple Earn Flexible Products.
Binance VIP Loan
For larger personal and institutional needs, Binance offers the VIP Loan service. This over-collateralized loan product comes with competitive rates and terms, catering to users looking for greater liquidity for long-term investments, leveraged trading, and hedging strategies. The VIP Loan service is designed to unlock more significant financial potential for its users.
Additional Information
To utilize these new loanable assets, users are encouraged to refer to Binance’s Loan Data and VIP Loan pages for the latest interest rates and a complete list of loanable and collateral assets. Users interested in the VIP Loan service can also contact the Binance VIP Key Account Coverage team for more detailed 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 versions. Older app versions will no longer support the placement of new orders.
Binance continues to enhance its financial product offerings, aiming to provide versatile and competitive solutions for its diverse user base. The introduction of these new loanable assets is a testament to Binance’s commitment to expanding its financial services and meeting the evolving needs of the cryptocurrency community.
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