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Deposits in cryptocurrencies. Binance introduces a new service
Most people, even those familiar with the financial market, associate cryptocurrencies with speculation and risky trading. In the meantime, you can even set up a deposit there. And it's quite interest-bearing. With such a proposal comes out Binance - the largest cryptocurrency exchange in the world.
Binance recently surprises with next news on development. The company is already in the final phase of work on your cryptocurrencyand previously announced the introduction of a leverage to trade cryptocurrencies in the 1: 100 ratio.
Be sure to read: Binance - We check the cryptocurrency exchange [Review]
The rapid development and constantly increasing number of participants mean that Binance also needs more and more capital to securely manage assets and mediate transactions. Leverage in particular requires high liquidity, and more and more people want and can use it, so solutions are needed to ensure stability for this system. That is why another novelty is being launched, proposed by the largest cryptocurrency exchange in the world, which can boast of turnover exceeding 30 billion USD per month.
Set up a deposit in cryptocurrencies
Now every Binance user will be able to set up a cryptocurrency deposit. Formally, it is a loan system, only that cryptocurrencies are borrowed through the stock exchange and it pays interest for it. So for the average user it doesn't matter much. When depositing money in banks, we also do not know exactly what they are invested in, and the recent financial crisis, which began with depositing billions of amounts in risky instruments, is the best example. In this case, however, we know that the money will be used to provide funding for leverage for people trading cryptocurrencies with a jack.
How does the Binance Lending platform work?
From Wednesday, August 28.08.2019, XNUMX, you can choose one of the three cryptocurrencies: Ethereum Classic (ETC), Tether (USDT) and Binance Coin (BNB) - one of the flagship products of Binance. The interest rate is much higher than in traditional banks.
Interest
The most per year, as much as 15 percent, can be earned by depositing BNB Faucet, 14 percent will get behind ETC and 10 proc. behind USDT. The upper deposit limit is 200 thous. BNB, 5 million USDT and 20 thous. ETC.
Importantly, interest is calculated proportionally every 14 days. The investment can therefore be relatively short - two weeks are enough, money does not have to be frozen for a year. Especially since cryptocurrency price fluctuations are the most important variable of final profitability. However, even if the prices of the selected cryptocurrencies do not change or change slightly, the profit will be quite decent. However, there is also a risk, but also the opportunity to earn much more when the price of the selected cryptocurrency increases.
There will be more cryptocurrencies with interest
However, this is not the end. Binance admits that there will be more cryptocurrencies that will participate in the program. Every Monday, the company will issue a message in which it will specify in which further coins and tokens can be invested. Two days after the announcement, they will be available on the platform.
"We will evaluate the new coins and tokens handled by the loan service, depending on the demand." - we read in the announcement.
Why the cryptocurrency deposit market?
The answer is simple. The project is related to the possibility of trading with leverage described earlier by us. To ensure liquidity, Binance needs to increase the number of individual cryptocurrencies that it can de facto lend to exchange participants. Therefore, plans are also to increase the offer, because the greater the popularity of leverage trading, the more cryptocurrencies will be introduced to the program.
