Binance NFT launches crypto-currency lending business
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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