The world’s leading cryptocurrency exchange Binance is launching a new NFT lending feature. It is designed to allow users to borrow cryptocurrencies, using their non-fungible tokens as collateral.
Binance continues its endeavor in the world of non-fungible tokens. According to a press release shared with CryptoPotato, the exchange is rolling out a new feature. It will allow users to borrow crypto while using their NFTs as collateral. However, it is worth noting that the loans will only be available with select high-profile NFT projects. These include Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. However, the exchange has stated that more collections are expected to be added in the near future. Speaking on the matter, Mayur Kamat said:
We have added a lot of features that make it a one stop shop for NFT trading and financial services for our community. We already have low fees and peace of mind from Binance, now NFT lending will add a new form of liquidity for NFT holders, allowing them to participate in the market without having to give up their precious NFTs.
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This post Binance Continues Its NFT Foray and Launches New Lending Feature
was published first on https://cryptopotato.com/binance-continues-nft-foray-launches-new-loan-feature/