Binance, the world’s largest cryptocurrency exchange in terms of adjusted trading volume, has been in the spotlight for good and not so good reasons. The firm has dominated the news-line this week with updates and growth sprouts.
Join the fastest growing network on Telegram
The Exchange generated over $78 million in profits from their Q1 2019 revenue, and its CEO Changpeng Zhao is not about to rest on his laurels.
On August 26, the crypto exchange announced it was launching Binance Lending. This new venture is going to be the Exchange’s crypto lending arm. Through it, the business will make more revenue from the interest earned.
Binance Lending kicked off its operations on August 28, and, it is at the moment allowing investors to lend ETC, USDT and BNB tokens for interest.
The annualized interest rate for a 14 day fixed maturity term stands at 15 percent for BNB, and 10 percent for USDT. Ethereum classic tokens are earning a minimum of 7 percent as interest. Before the crypto-verse could catch its breath, the crypto exchange launched Binance X, just three days following the launch of Binance Lending.