The world’s leading digital currency exchange – Binance Crypto exchange – is launching a new Non-Fungible Token (NFT) loan feature. It is designed to enable users to borrow digital currency, using their non-fungible crypto tokens as collateral.
- Binance Crypto exchange continues its effort in the world of non-fungible tokens.
- Reports by a news release shared with CryptoPotato, the exchange is launching a new feature. It will allow users to borrow cryptocurrency while using their Non-Fungible Token (NFTs) as collateral.
- Nonetheless, it is worth keeping in mind that the loans will only be available with select high-profile Non-Fungible Token (NFT) projects.
- These include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.
- Nonetheless, the exchange has indicated that more collections are expected to be added in the near future. Speaking on the matter, Mayur Kamat said:
We’ve added a host of features that make it a one-stop shop for Non-Fungible Token (NFT) trading and financial services for our community. We already have minimal charges and the Binance Crypto exchange peace of mind, now Non-Fungible Token (NFT) loans will add a new type of liquidity for Non-Fungible Token (NFT) holders, allowing them to join the market without having to let go of their precious NFTs.