Binance Lending has announced the news about the entry of two new members to the list of supported assets on Flexible Deposits, i.e., Tron Foundation’s native token TRX and one of the most sorted virtual currencies, Litecoin (LTC). The news was announced in the Binance user community through an official post on Binance’s registered social media handle. It read:
— Binance (@binance) April 2, 2020
The news was also confirmed by Justin Sun, the CEO of the Tron network. His post was a reflection of the team’s happiness on being added to the prestigious Binance community.
— Justin Sun (@justinsuntron) April 3, 2020
As per the official announcement, the latest edition of the two virtual currencies, TRX and LTC, as the supported assets on the flexible deposits arm, will enrich the Binance customers holding idle digital assets as a value-added service. The details about the new supported assets are given below in the table. Have a look:
|Individual Max Limit
In its blog post, Binance Lending has conveyed that the platform shall adjust the interest rates and will precise the maximum individual limits on the flexible deposits in accordance with the market and risk factors concerning thereupon. The amounts attached to Binance Lending solutions shall not be opened to receive their corresponding staking rewards.
Lending serves as a financial product offered by Binance to its users through which they can lend and earn interest profits. The exchange users are allowed to lend their spare/idle crypto assets to Binance Margin and earn lucrative interests. Flexible Deposits work as a crypto savings account. The users need to subscribe to their assets to earn interest with a facility to redeem funds at any time of their choice. They get a chance to enjoy daily interest benefits and real-time funds credit.