The world’s leading cryptocurrency exchange – Binance – has launched a new NFT loan feature. It is designed so that users can borrow cryptocurrency, using their non-fungible tokens as collateral.
- Binance continues its efforts in the world of non-fungible tokens.
- According to a press release shared by CryptoPotato, the exchange launched a new feature. It allows users to borrow crypto while using their NFTs as collateral.
- However, it is worth noting that the loans are only available to selected high-profile NFT projects.
- Among them are Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.
- However, the exchange stated that more collections are expected to be added in the near future. Speaking about this, Mayur Kamat said:
We have added many features that make it a one-stop shop for NFT trading and financial services for our community. We already have low fees and peace of mind with Binance, now NFT loans will add a new form of liquidity for NFT holders, allowing them to participate in the market without having to release their expensive NFTs.
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