Put in pledge: another void is being filled by crypto

Put in pledge: another void is being filled by crypto

Binance entered the market of lending. Its latest investment in blockchain startup Libra Credit allowed to incorporate BNB tokens into the lending platform, developed by this startup. Now anyone, holding BNB tokens, will be able to use them as collateral to borrow fiat and crypto money

Another void in crypto space being filled. Nowadays, crypto startups try to implement all features of traditional banking services: payments, storing funds, exchanging currencies on-the-go, issuing debit cards, and now, giving loans. Lending in crypto is the same as in traditional banking, however, it requires a pledge, a collateral, to be placed in a smart contract, it can’t give non-backed loans yet.

We’ve seen some projects that issue crypto loans, like SALT, Micromoney or Lendoit, but they don't have the large influence, like Binance. It continues this year's trend of crypto exchanges expanding to all traditional areas, and becoming new types of banks. Now it's possible that we'll see Binance promoting this service, and it will facilitate the access to borrowing money during the periods of market decline.

What should you do if you need some money, but you don't want to sell at low prices? Pledge it! Smart contracts will make the process totally unbiased, and you will be able to get you crypto back when you'll pay back the loan. What next? Insurance on blockchain?

BNB

6.49 USD
1.09%

SALT

0.2442 USD
7.59%

Related news

If You Know How To Trade On Binance, Read it Then

I propose to save time and use this too - portfolio of 20 most traded coins on Binance exchange in last 7 days in one BMxBN20 token from Blackmoon. I’m just following the coins that get most interest from the traders on the best known and largest cryptocurrency exchange. Note: DO YOUR OWN RESEARCH. Highly volatile product. Your investment at risk. https://blackmoonplatform.com/
/r/CryptoMarkets

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.