Binance Lending has expanded its set of supported cryptocurrencies. The service, applauded for its ability to return up to 15% on stablecoins for fixed deposits, has now added the flexible deposit option to earn interest not only on BTC and BNB, but also ETH, BCH and EOS.
For the unaware, unlike fixed deposits, flexible ones allow customers to not only increase their cryptocurrency stacks, but also immediately withdraw and use their crypto if necessary – giving them the option to react to unexpected market conditions. Of course, this comes at the price of a significantly lower interest rate.
That being said, the 1% interest rate for all three cryptocurrencies still came as a pleasant surprise, as it is significantly higher than that of BTC and BNB – the only two supported cryptocurrencies until now (excluding stablecoins).
The official announcement also comes with a rather curious limitation, especially in the case of Bitcoin Cash. Individual users can only supply up to 1 million units of any of the three newly supported cryptocurrencies – which in the case of BCH makes up more than 5% of the circullating supply, and $180,000,000 worth at its current rate. No single BCH address has come even close to owning this amount, and the only entities which have ever possessed more are Bitmain, and potentially – Satoshi Nakamoto himself.
For maximum ease of use, the “Auto-Subscribe” option can automatically start lending any of those cryptocurrencies using spot account balances, so enabling this feature only takes a single click.