Binance Lists New Loanable Assets Including MANTA, HOT, MANTRA, PORTAL and Others
Cryptocurrency exchange giant, Binance has announced a list of assets added to its Binance Loan service as loanable assets. The Malta-based exchange revealed this development after its founder and former CEO Changpeng Zhao was sentenced to 4 months in prison on April 30.
The company remains resilient and continues its commitment to deliver better and broader services to its users globally. Following the announcement, discussions have been raised online by stakeholders praising the efforts of the exchange in delivering superior value regardless of the challenges it currently faces.
Binance Adds Six New Loanable Assets
In a recent development, Binance, the largest crypto exchange by trade volume has added six loanable assets to its Binance Loan service. According to the statement on its official website, Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL) can now be used to complete loan orders.
The exchange advised its users to upgrade their apps to the latest versions iOS v2.78.0 or Android v2.78.0 to be able to use this service, stressing that older app versions will no longer support the placement of new Binance Loans orders. Importantly, the addition of these new loanable assets increases the flexibility of Binance Loans (Flexible Rate) while also expanding the possibilities accessible to consumers.
Users can collateralize cryptocurrency from their current Simple Earn Flexible Products subscriptions with an open-term loan product, providing a smooth borrowing experience. With the Binance Loan service, users will enjoy more flexibility without having to commit to a particular loan term when borrowing crypto.
Potential Impact on Broader Crypto Market
Meanwhile, the global crypto market ended the month of April in a sharp decline, continuing the trend to May 1. Typically, the market often reacts to announcements from big players in the industry with an influence on the prices of tokens, however, this development comes amid a period of wide selloffs among participants. Consequently, investors are closely monitoring the movements of their favorite coins to see how they react to the news.
Amidst the ongoing periods of volatility and uncertainties in the crypto landscape, statements from major companies such as Binance act as critical markers for those involved in the industry. At the time of writing, the total crypto market cap has dropped by 4.39% to $2.14 trillion. The price of the Binance native token, BNB has plummeted by 2.75% over the last 24 hours to trade at $549.
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