Cryptocurrency exchange Binance has announced the launch of the eighth phase of its lending product on Oct. 7.
In this phase, Binance will start offering 14-day fixed-term lending products. The subscribers will be accepted on a first-come, first-served basis. The subscription period begins on Oct. 10 and ends on Nov. 10, while interest will be paid immediately after the term matures.
An annualized percentage yield of 10%
The annualized percentage yield on loans starts at 3% for Bitcoin and reaches 10% for BNB, USDT and BUSD. The exchange’s CEO Changpeng Zhao praised the high yield of those loans in a tweet sent on Oct. 7:
“How much interest is your $USD making for ya in the bank? Convert them to $BUSD and let them start to make 10% APY for you.”
Binance’s crypto lending product launched at the end of August, as Cointelegraph reported at the time. At first, the service only supported Binance Coin, Ethereum Classic and Tether. That being said, in September the products also included privacy-focused coins Monero (XMR), Zcash (ZEC) and Dash (DASH).
As Cointelegraph reported in August, the holding company of cryptocurrency-friendly Silvergate Bank, Silvergate Capital Corporation, announced that the firm plans to offer cryptocurrency-collateralized loans.