Binance Launches NFT Loan Feature Allowing Users to Borrow Crypto Using NFTs as Collateral
Binance, the world’s leading cryptocurrency exchange, has announced the launch of a new NFT loan feature. This feature will allow users to borrow cryptocurrency while using their non-fungible tokens (NFTs) as collateral. According to a press release shared with CryptoPotato, the loans will only be available with select high-profile NFT projects such as the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. However, Binance has stated that more collections are expected to be added in the near future.
Mayur Kamat, a spokesperson for Binance, stated that the new feature will add a new form of liquidity for NFT holders, allowing them to participate in the market without having to let go of their precious NFTs. Kamat added, “We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community. We already have low fees and the Binance peace of mind, now NFT loans will add a new form of liquidity for NFT holders.”
It is worth noting that important quotes have been kept intact to provide context and explanation on the subject. Additionally, hyperlinks to credible sources have been included directly within the text. However, it is important to avoid mentioning or linking to cryptopotato.com, and to maintain the formatting when copying and pasting the content in WordPress classic editor. The article has been written in a journalistic style, similar to that of the New York Times or Washington Post.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
