The leading crypto exchange in the world, Binance, recently announced the incorporation of EOS as collateral for users of the Binance Loan service. This means that users can now use their owned EOS to borrow from Binance.
Binance has been making attempts to allow its loan service to become more flexible to users by adding more cryptocurrencies as collateral. A week ago, Binance included Litecoin, Ripple, and Bitcoin Cash as options. The company promises to keep providing several options of crypto assets available for loan, collateral assets, interest rates and loan limits based on internal risk management and conditions of the crypto market.
The Binance loan was launched some weeks ago with the aim of assisting its customers to have access to crypto funds without having to liquidate their portfolio. Customers just need to use their preowned assets as collateral, choose the asset to borrow, pick a timeframe to pay back, obtain low-interest rate and then receive immediate approval.
During the first 14 days of launch, users were offered a 20% discount on their daily interest rate, the smallest rate was 0.0224%. Only two stable coins are given as loan to users -- Tether and Binance USD. The standard rate which was supposed to be 0.028% for BUSD was then lowered to 0.0224%.
Source: Tokenpost
