With each passing day, cryptocurrencies are gaining more popularity. The reports also suggest that investors are now pulling their money from gold to put it in crypto. To support these investors and let them borrow some loans by keeping their crypto assets as collateral, Binance has a loan program.
Binance, the world’s largest crypto exchange platform, recently announced that it is going to add XRP and ZEN to its list of borrowable assets for loans. The amount will be kept limited, and it will be available only on a ‘first-come and first-serve basis.’ It means investors who wish to borrow loans against XRP and ZEN may not have much time. Earlier, cryptocurrencies like BTC and ETH were a part of the borrowable assets’ list.
The loans on Binance are available for all its registered users. There is no other process that the investors need to follow. Plus, people can borrow a number of cryptos, such as BUSD and USDT, under these loans.
As per Binance,
“Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.”