Binance’s Fifth Phase of Crypto Lending: What You Need to Know

New Coins on the Block

Starting September 20, the Binance exchange is rolling out its fifth phase of its crypto lending product, bringing in three exciting new players: Monero (XMR), Zcash (ZEC), and Dash (DASH). Forget about the usual suspects; these privacy-focused coins are ready to shake things up in the lending arena.

Interest Rates that Make You Go Hmmm

All three coins will share a uniform annualized interest rate of 3.5%. It’s like the crypto world’s version of a group date—everyone’s in it together, whether they want to be or not!

Past Phases, Different Rates

Let’s take a quick peek back in time! In the previous phases, interest rates varied wildly:

• Initial phase: Binance Coin (BNB) led the pack at a whopping 15%.
• Fourth phase: The interest for BNB was reduced to 10% for the early birds and 6% for those who joined the flock later.
• Bitcoin (BTC) languished at a humble 3%, along with Ethereum (ETH) and stablecoin Tether (USDT).

A Lending Timeline to Remember

The fifth phase will kick off subscriptions from September 20 to 21, running on a 14-day fixed-term lending period, leading us into an interest calculation period that stretches until October 4. After that, like a magician pulling a rabbit out of a hat, interest payouts will occur immediately upon maturity of the loan.

Binance Keeps Innovating Despite Challenges

In recent news, CEO Changpeng Zhao assured traders that fears over hacks are unfounded, specifically regarding their Bitcoin futures platform that debuted earlier this month. Plus, they are making waves once again with their first strategic investment in a Chinese firm since leaving the mainland amidst that pesky crypto trading ban back in 2017. Talk about a comeback!

Why It Matters

As crypto enthusiasts look for diverse ways to earn passive income, Binance’s lending offerings provide fresh opportunities. With competitive rates and new coins entering the fray, this phase is a reminder that in the rollercoaster ride of cryptocurrency, change is the only constant!