On Wednesday (23 October 2019), Binance announced the upcoming launch of a new “trial phase”—Flexible Deposits—of the Binance Lending platform (which was launched on August 28).
According to Binance’s announcement, from 12:00 UTC on 23 October 2019, Flexible Deposits will be available for BNB, BTC, and BUSD “as a value-added service to Binance users who hold idle digital assets.”
There are two things to keep in mind:
- “Each Flexible Deposits product will be adjusted based on market and risk conditions. Currently, there is no cap on the redemption amount.”
- “The table above shows an estimated annualized interest rate that will be based on a portion of the actual interest received by the Binance Margin Platform.”
Flexible Deposits “provide lenders with the flexibility to redeem funds lent out before the maturity date.”
Each subscription day starts at 00:10 UTC and ends at 23:50 UTC. Your cryptoassets will be locked until 23:50 UTC of the subscription day if you choose to subscribe that day. You will receive interest on a daily basis (this starts at 00:00 UTC on the 3rd day after the subscription day).
Featured Image and Flexible Deposits Table Courtesy of Binance