TL;DR
Binance added 18 new cryptocurrencies, including meme coins and established altcoins, to its loan program and introduced new tokens to its VIP Loan section.Binance Loans allows users to borrow funds using their crypto stash as collateral.The leading cryptocurrency exchange, Binance, continues implementing amendments to its platform to respond to current market trends and enhance users’ experiences.
Most recently, it added 18 new loanable assets to Binance Loan. Some of the involved cryptocurrencies include the trending meme coins dogwifhat (WIF) and Pepe (PEPE), as well as popular altcoins such as Hedera (HBAR), IOTA (IOTA), Celestia (TIA), and more.
It also announced the addition of Saga (SAGA) and Tensor (TNSR) to its VIP Loan section. Both tokens saw the light of day earlier this week, with their market caps rising above the $200 million mark.
Binance Loans (Flexible Rate) is a service that allows users to borrow funds using their digital assets as collateral.
“Users may enjoy greater flexibility without committing to a specific loan term when borrowing cryptocurrencies on Binance Loans (Flexible Rate) and earn Real-Time APR rewards via Simple Earn Flexible Products at the same time. Loan rates are refreshed every minute, and users may place a loan order with a minimum of 1 USDT equivalent,” the company explained.
The company has unveiled many similar efforts since the beginning of the year. Last month, it added the trading pairs PEPE/FDUSD, UNI/FDUSD, OM/TRY, PIXEL/USDC, STRK/USDC, and THETA/TRY on Binance Spot, while Floki Inu (FLOKI) and 16 other altcoins were introduced as new loanable assets on Binance Loans.
Most recently, the firm opened trading and enabled Spot Algo Orders Trading Bots services for the USDT/MXN pair. MXN is the symbol of the Mexican peso (the national currency of the Latin American country).
Allowing such an option can simplify dealing with crypto for locals. For example, they can access the ecosystem of the stablecoin without having to convert their funds into USD.
Binance also regularly adds trading pairs focused on the Turkish lira, enabling locals to jump on the cryptocurrency bandwagon. Turks are quite intrigued in the digital asset sector, maybe because they are seeking financial alternatives to the economic challenges their homeland struggles with.