Binance NFT launches crypto-currency lending business

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The NFT marketplace from the giant Binance now allows you toborrow from ETH at immobilizing from tokens from large collections such as BAYC and Doodles.

Binance NFT has intro­duced a new fea­ture called NFT Loan and allow­ing its users to bor­row cryp­tocur­ren­cies, ini­tial­ly ethers.

In return, bor­row­ers must deposit a valu­able NFT as col­lat­er­al. The NFT Loan prod­uct cur­rent­ly sup­ports tokens from the “pre­mi­um” Bored Ape Yacht Club, Mutant Ape Yacht Club, Azu­ki and Doo­dles collections.

Accord­ing to the service’s pre­sen­ta­tion page, the inter­est rate on loans is 7.9% p.a. with a loan-to-val­ue ratio of between 40% and 60%.

The lend­ing NFT is a prac­tice that’s becom­ing more and more wide­spread in the ecosys­tem. The Blur mar­ket­place recent­ly unveiled Blend, a P2P lend­ing solu­tion for non-fun­gi­ble tokens. More recent­ly, the NFT lend­ing pro­to­col designed by French com­pa­ny Kairos raised $1 million.

Open in 2021, Binance NFT this month announced the immi­nent arrival of sup­port for NFT Ordinals.

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