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Binance Lending: You can now earn money even through your idle digital currencies

The world’s largest cryptocurrency exchange, Binance (BNC) made an announcement regarding the launch of its digital currency lending platform later in this month. In an Official blog of Binance (BNC) published today the announcement was made regarding the new lending scheme. Chanpeng Zhao, CEO of Binance has wittingly said that the platform is

“letting users earn Crypto even in sleep”

Binance (BNC) is going to introduce a value added service for exchange that allows users that hold idle digital assets to earn interest. Putting it in a simple way if you have some digital currencies that are idle on Binance exchange platform then you could make some money by offering them or lending them to Binance for use. In return, you earn some interest.

The service will start on August 28, 2019. According to the announcement the users can earn interest on their Digital currencies every two weeks that is 14 days. Although the earning process is limited and service will be provided a first come first serve basis.

Some users who do not get a chance to lend their coins would have to be unsatisfied as the scheme has its own limits.

However, as it turns out the interest earned will be very minimal and large traders may not be interested in the scheme as they will have to face large troubles for small earnings. On the other hand, small users may be quite interested in the scheme.

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About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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