Binanceย Cryptoย exchange is preparing to roll out a new product that would enable non-fungible cryptoย token (NFT) holders to borrow cryptocurrency against Non-Fungibleย Tokenย (NFT) assets.ย
Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) loan supports only ethereum borrowingย
Cryptocurrency exchange giant Binanceย Cryptoย exchange will launch the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) loan service on May 26, reportsย by an announcement.
The new product, which comes nearly two years after the unveiling of the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) marketplace,ย will support ethereum loans for now, along with high-valued Non-Fungibleย Tokenย (NFT) collections like Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club (MAYC), and Doodles.ย
Part of the advantages offered by Binanceย Cryptoย exchange includes zero Ethereumย (ETH) gas charges, which would promoteย ย users to utilize the new product.
Similarly, Binanceย Cryptoย 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.ย
Reportsย by the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) website, loan-to-value ratio for the supported Non-Fungibleย Tokenย (NFT) collections ranges betwixt 40 percent and 60%, with BAYC being the highest, and Doodles being the lowest.
The notice alsoย mentionedย that the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) loan product will support more assets for borrowing and Non-Fungibleย Tokenย (NFT) collateral options in the future.ย
Binanceโs entrance into the Non-Fungibleย Tokenย (NFT) lending space comes shortly after Non-Fungibleย Tokenย (NFT) marketplace Blur, launched Blend. Inย contrastย toย the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) loan service, the Blend protocol allows the lender to determine the interest prices and loan-to-value ratios.ย
