Binance Launches NFT Loan Service, Revolutionizing Lending Market

Binance Launches NFT Loan Service, Revolutionizing Lending Market

Binance is launching a new NFT loan service exclusively for Ethereum borrowing, offering a 70% discount on borrowing interest rates and supporting high-valued NFT collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club.

Binance Crypto exchange is preparing to roll out a new product that would enable non-fungible crypto token (NFT) holders to borrow cryptocurrency against Non-Fungible Token (NFT) assets. 

Binance Crypto exchange Non-Fungible Token (NFT) loan supports only ethereum borrowing 

Cryptocurrency exchange giant Binance Crypto exchange will launch the Binance Crypto exchange Non-Fungible Token (NFT) loan service on May 26, reports by an announcement.

The new product, which comes nearly two years after the unveiling of the Binance Crypto exchange Non-Fungible Token (NFT) marketplace,  will support ethereum loans for now, along with high-valued Non-Fungible Token (NFT) collections like Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club (MAYC), and Doodles. 

Part of the advantages offered by Binance Crypto exchange includes zero Ethereum (ETH) gas charges, which would promote   users to utilize the new product.

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Similarly, Binance Crypto exchange is offering users a 70 percent discount on borrowing interest prices per annum (p.a.), with the standard interest price slashed from 11.2 percent to 3.36%. This promotional price runs from the launch date until further notice. 

Reports by the Binance Crypto exchange Non-Fungible Token (NFT) website, loan-to-value ratio for the supported Non-Fungible Token (NFT) collections ranges betwixt 40 percent and 60%, with BAYC being the highest, and Doodles being the lowest.

The notice also mentioned that the Binance Crypto exchange Non-Fungible Token (NFT) loan product will support more assets for borrowing and Non-Fungible Token (NFT) collateral options in the future. 

Binance’s entrance into the Non-Fungible Token (NFT) lending space comes shortly after Non-Fungible Token (NFT) marketplace Blur, launched Blend. In contrast to  the Binance Crypto exchange Non-Fungible Token (NFT) loan service, the Blend protocol allows the lender to determine the interest prices and loan-to-value ratios. 

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