News

Binance Launches ‘Crypto Loan’ Feature

single-image
  • Binance has broadened the range of assets available for loans in order to provide users with more flexibility when borrowing.
  • The announcement of new loan services resulted in a positive price movement for BNB, indicating a favorable market response to the update.

Stay in the know on crypto by frequently visiting Crypto News Today

Binance [BNB], a well-known cryptocurrency exchange platform, has announced its intention to broaden the range of assets available for borrowing through Binance Loans (Flexible Rate) and VIP Loan services. This expansion aims to better meet the varied borrowing needs of users, providing them with increased flexibility on the platform.

CryptoCaster Quick Check:

The initiative is aimed at catering to the diverse borrowing requirements of users, ultimately enhancing their flexibility within the platform. By offering a wider range of loanable assets, Binance seeks to provide users with more options and opportunities to meet their individual borrowing needs.

What is the objective?

Binance is striving to uphold its status as a flexible provider in the ever-changing realm of digital finance by adding new assets for lending. This move is intended to solidify its position in the market and adapt to the dynamic nature of the industry.

Advertisement

It’s interesting that Binance is making this move in the middle of its current legal dispute with the SEC, with the recent sentence of CEO Changpeng Zhao signifying a positive development.

In a press statement, the team added details on the proposal and stated,

“Binance has added the following loanable assets on Binance Loans (Flexible Rate) and VIP Loan.

  • Binance Loans (Flexible Rate)- Bittensor (TAO), LayerZero (ZRO), and Lista (LISTA)
  • VIP Loan- Bittensor (TAO), COTI (COTI), LayerZero (ZRO), Lista (LISTA), Portal (PORTAL), Sleepless AI (AI), and Vanar (VANRY).”

The group went on to elaborate on their new project by saying,

“To place new Binance Loans (Flexible Rate) orders via the Binance App, please upgrade the App to iOS v2.78.0 or Android v2.78.0, or later. Older app versions no longer support the placement of new Binance Loans (Flexible Rate) orders.”

Impact on BNB

The recent turn of events has brought about a significant change in the trajectory of BNB, which had been experiencing a decline for a considerable period. The most recent data indicates that BNB is now valued at $530.70, showing a positive increase of 1.39% within the last 24 hours.

Advertisement

Despite the positive movement in price following the implementation of a new strategy, it is crucial to highlight that the Relative Strength Index (RSI) is currently at 44. This suggests a bearish sentiment prevailing below the neutral threshold at the time of reporting.

In order for BNB to achieve a milestone of surpassing $600, it will need to overcome the immediate resistance level at $559. This breakthrough would not only pave the way for a sustained bullish period but also set the stage for the anticipated bull run in the near future.

AMBCrypto’s examination of Santiment data provided additional validation, revealing a notable decrease in Social Volume and Weighted Sentiment. This analysis underscored a shift towards a more pessimistic outlook on the BNB token, as evidenced by the surge in negative commentary.

The findings pointed to a clear trend of diminishing positivity and heightened skepticism within the community regarding the BNB token. This shift in sentiment was further emphasized by the decrease in Social Volume and Weighted Sentiment, as highlighted in AMBCrypto’s comprehensive analysis of Santiment data.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.

In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.

Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.

CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.

Thank you for your support,

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D


CRYPTOCASTER HEATMAP


You may also like