Binance Announces Fifth Phase of its Lending Platform

Binance, one of the world’s leading cryptocurrency exchanges has launched another batch of products to its lending platform. It has added three privacy coins to the lending platform.

Users of the exchange can now lend assets and earn interest with these three major altcoins. They are Monero, Dash and Zcash. The total amount of cryptocurrencies that the exchange will borrow from its users will be 30,000 Monero, 30,0000 Dash and 60,000 Zcash. Also, the product says a strict lending term of 14 days. The annualized interest will be payable at a rate of 3.5 percent.

Last month, Binance launched its lending platform. It thus allowed its users to let their funds be used by margin traders. Previously, the platform supported top cryptocurrencies. They were Bitcoin, Ethereum and XRP, its own native crypto, Binance Coin, and stablecoins including Tether and USDC. However, this is the first time users will do so with privacy coins. The three privacy coins are currently ranked at #11 (Monero), #17 (Dash) and #28 (Zcash) by market cap with a combined valuation of just under $2.5 billion. The interest calculation period for the fifth phase will start from Sept. 20 and will end on Oct. 4. The interest payout time will take place immediately after the loan term matures, as per the source.

This announcement came a day after OKEx delisted Monero, Zcash, and Dash from its South Korea-based trading platform.