Binance, a leading crypto exchange, once again grabs attention in the crypto sphere with its latest move. The platform’s announcement of adding new crypto projects as loanable assets on Binance Loans has stirred discussions among traders and investors. Notably, this strategic expansion aims to provide users with increased flexibility and opportunities within the Binance ecosystem.
Binance Adds More Cryptos As Loanable Assets
In a recent update, Binance unveiled its plan to incorporate several new cryptocurrencies as loanable assets on its Binance Loans platform. Among the notable additions are Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL).
Meanwhile, this move signifies the crypto exchange’s commitment to offering diverse financial products to its users, catering to varying investment strategies and risk appetites.
Notably, the introduction of these new loanable assets not only broadens the range of options available to users but also enhances the flexibility of Binance Loans (Flexible Rate). With this open-term loan product, users can collateralize cryptocurrencies from existing Simple Earn Flexible Products subscriptions, offering a seamless borrowing experience.
In addition, the real-time APR rewards via Simple Earn Flexible Products further incentivize users to engage with the platform.
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Market Speculation Amid Recent Announcement
Binance’s announcement has not only impacted its platform but also sparked discussions across the broader cryptocurrency market. Typically, announcements from major exchanges like Binance tend to influence crypto prices, with investors closely monitoring any developments.
However, amid the recent market downturn, characterized by widespread crypto retracement, investors are cautiously assessing the potential impact of Binance’s announcement on crypto prices. Notably, this underscores the intricate relationship between market sentiments and exchange-related news in the volatile crypto landscape.
Meanwhile, as the crypto market continues to navigate through periods of volatility, announcements from key players like Binance serve as crucial indicators for market participants. The addition of new loanable assets not only reflects Binance’s adaptability but also underscores its role in shaping the evolving crypto financial ecosystem.
As of writing, the JTO price was down 5.65% and traded at $2.94, while its one-day trading volume rocketed 112.85% to $180.6 million. Simultaneously, the NFPrompt price fell 9.98% to $0.3778 at the same time, with its trading volume soaring 34% to $26.29 million from yesterday.
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The post Binance Adds JTO, NFP, MANTA, & Others As Loanable Assets appeared first on CoinGape.
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