Right now users of the cryptocurrency exchange can use digital assets from such collections as Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki and Doodles as collateral.
Binance plans to expand the list of available collections and cryptocurrencies for such function in the future.
The interest rate on NFT loans will be 7.91% per annum. For now, there will be no transaction fee for ether.
Binance unveiled its NFT trading platform in April 2021 and launched it in June of that year.
And Binance NFT’s lending feature comes shortly after market giant NFT Blur launched its collectible token lending protocol called Blend in early May 2023;
MyEListing.com, a service to buy and sell real estate for cryptocurrency, launched in the U.S. in April. The platform states that transactions can be closed within one business day;
Earlier, cryptocurrency lending platform Moon Mortgage announced the launch of a mortgage lending service secured by crypto-assets.
The team said the service will be offered to all liquid crypto-asset holders who can use the borrowed funds to finance the purchase of real estate.