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had announced its <a href="https://readmedium.com/is-project-venus-really-a-competitor-for-libra-4dddca9a4e32">Project Venus</a> to its ever-expanding ecosystem. Venus is being touted as a competitor to Facebook’s <a href="https://readmedium.com/crypto-diaries-facebook-reveals-the-white-paper-for-its-stable-coin-libra-abc27c68b62f">digital coin Libra</a>.With the new lending platform, Binance users will be able to earn interest income & grow their digital portfolio by lending their holdings at the exchange for specified terms. The first phase of the project will roll out with 14-day fixed-term lending of BNB, USDT and ETC coins as <a href="https://www.binance.com/en/support/articles/360032921211">announced on their website</a>.The annualized interest rate returns for the three coins would 15%, 10% & 7% respectively (chart below) with the profit proceeds paid out immediately after the loan term maturity — the first calculation period will end on Sep. 10th. The lending option is offered on a first-come-first-served basis.<figure id="72f1"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*acuSIgt_NnUW2QkDrWfF2Q.png"><figcaption>Image credit — Binance</figcaption></figure>Here’s an example of how you can calculate the interest earned:If User A subscribes to 10 lots of BNB Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.057534 BNB x 10 = 0.57534 BNB.Binance has announ

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ced that it would review the interest rates for the next phases of the project depending upon the market reception & success of the initial offering. The list of crypto lending products will be extended to include other tokens in the near future. Digital coins committed to lending will be included in the user’s daily calculations of the BNB balance — the native coin for the Binance ecosystem.Binance is not the first to offer such an offering. You can check out the listing of other crypto lending platforms at <a href="https://defi.review/">DeFi.Review</a> & <a href="https://defiprime.com/decentralized-lending"></a><a href="https://defiprime.com/decentralized-lending">Defiprime.com</a> — two useful resources which compare the services of different crypto lending platforms. Nonetheless, Binance’s entry has certainly given DeFi a big boost.<h2 id="674d">Stay informed with the content that matters — Join my mailing list</h2>The article was translated into <a href="https://blog.naver.com/PostView.nhn?blogId=dpesther&logNo=221646052567&redirect=Dlog&widgetTypeCall=true">Korean</a> by Sujoung Lee (XJ) — Working at blockchain media in Korea, Columnist at Naver Chinalab (Partnership) and blockchain communities. <a href="http://[email protected]/">Email</a>|<a href="https://www.linkedin.com/in/su-joung-lee-336469a4">LinkedIn</a>|<a href="https://ww.facebook.com/sujoung.lee.5">Facebook</a></article></body>

Binance launching a Crypto Lending Platform

The top Crypto exchange makes its mark in the DeFi space

The Fintech revolution has broken through the traditional barriers of entry into the wealth-building sphere. The new model of Decentralized Finance enabled by technology has brought inclusivity for people in the remote areas of the world who didn’t have access to all the financial services provided by the centralized legacy financial system.

Decentralized Finance or DeFi as it is becoming popularly known as these days is a relatively new term basically defines the use of Blockchains, Cryptocurrencies and smart contracts to provide financial accessibility & inclusiveness to those who have been kept out the current system by geographic, economic & financial barriers.

We have an important addition to the Defi space now with the top digital exchange Binance launching a Crypto lending platform on Aug. 28, 2019. It was only recently that Binance had announced its Project Venus to its ever-expanding ecosystem. Venus is being touted as a competitor to Facebook’s digital coin Libra.

With the new lending platform, Binance users will be able to earn interest income & grow their digital portfolio by lending their holdings at the exchange for specified terms. The first phase of the project will roll out with 14-day fixed-term lending of BNB, USDT and ETC coins as announced on their website.

The annualized interest rate returns for the three coins would 15%, 10% & 7% respectively (chart below) with the profit proceeds paid out immediately after the loan term maturity — the first calculation period will end on Sep. 10th. The lending option is offered on a first-come-first-served basis.

Here’s an example of how you can calculate the interest earned:

If User A subscribes to 10 lots of BNB Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.057534 BNB x 10 = 0.57534 BNB.

Binance has announced that it would review the interest rates for the next phases of the project depending upon the market reception & success of the initial offering. The list of crypto lending products will be extended to include other tokens in the near future. Digital coins committed to lending will be included in the user’s daily calculations of the BNB balance — the native coin for the Binance ecosystem.

Binance is not the first to offer such an offering. You can check out the listing of other crypto lending platforms at DeFi.Review & Defiprime.com — two useful resources which compare the services of different crypto lending platforms. Nonetheless, Binance’s entry has certainly given DeFi a big boost.

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The article was translated into Korean by Sujoung Lee (XJ) — Working at blockchain media in Korea, Columnist at Naver Chinalab (Partnership) and blockchain communities. Email|LinkedIn|Facebook