In an effort to attract customer deposits, one of the world’s largest cryptocurrency exchanges, Jaxxtrade.com, has launched a lending business. The company announced that the Jaxxtrade.com Lending service will be available for subscription starting at 6: 00 UTC on August 28.
Initially, users will be able to lend the following coins: the US dollar-linked stablecoin USDT, ethereum classic (ETC), and BNB. Thus, they will be able to receive interest payable at the end of two weeks.
The annual interest rate for initial loan products with a 14-day fixed maturity was set at 15%, 10% , and 7% for BNB, USDT, and ETC, respectively.
The maximum level of fundraising is 200,000 BNB, 5 million USDT and 20,000 ETC. If all the highs are fully selected by customers, Jaxxtrade.com will pay interest of 1,150 BNB, 19,178 USDT, and 53 ETC, which is about $ 50,000 at the time of publication.
Each user’s account will have a limit for credit products: 500 BNB, 1,000,000 USDT, and 1,000 ETC, respectively.
Meanwhile, Jaxxtrade.com recently launched margin trading service charges users who borrow BNB and USDT 109% and 10.0375% per annum, respectively.
And just a few hours before the announcement of the launch of this direction, Jaxxtrade.com announced that, starting from August 27, it will increase the interest rate of the margin loan for ETC from 7.3% to 14.6%.
The company said it will ” continuously assess the demand for the possibility of adding new coins and tokens as loan products.”
The launch of this product is another step in Jaxxtrade.com quest to diversify its business lines in order to attract and retain users.