Binance Loans adds Cardano (ADA) and Avalanche (AVAX) as collateral assets
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Binance added the two cryptocurrencies in order to expand its lending service to more users.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it has added Cardano (ADA) and Avalanche (AVAX) to its list of supported collateral assets on the Binance platform. Loan.
The exchange noted in a blog post today that ADA and AVAX holders can now stake cryptocurrencies to borrow other crypto assets on the platform.
With the addition of ADA and AVAX, Binance has increased the list of assets users can post as collateral, with the goal of allowing more people to join the initiative.
“Binance has added ADA and AVAX as collateral asset staking on the Binance Loans Platform. Loan orders with ADA and AVAX as collateral will be staked to reduce interest.
Binance Lending Services
Launched in 2019, Binance Loans allows users to deposit supported cryptocurrencies as collateral to obtain a loan in another digital currency.
In addition to ensuring that the cryptocurrency you wish to borrow and use as collateral is supported on the platform, there is no barrier to entry for Binance users wishing to participate in the exercise.
Some of the crypto assets that users can borrow include Tether (USDT), Binance Dollar (BUSD), Fantom (FTM), USD Coin (USDC), etc.
Similarly, the world’s largest cryptocurrency exchange also supports a variety of assets that users can post as collateral to borrow other digital currencies from the lending platform.
Users can choose whatever loan term they deem appropriate, which ranges from seven to 180 days.
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