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Binance Launches Non-fungible Token (NFT) Loan Feature

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Many crypto service providers have accelerated efforts to expand their offerings and revenue streams and increase their user base.

According to an announcement, the largest crypto exchange by trading volume, Binance, has added a non-fungible token (NFT) loan feature to its services.The cryptocurrency exchange will allow borrowers to use their NFT as collateral to borrow cryptocurrency without needing to sell assets.

This development could be part of Binance’s expansion plans.Binance’s newly launched NFT loan product aims to provide a more accessible solution for NFT holders, allowing them to borrow at competitive interest rates and zero gas fees.

In addition, it enables users to borrow Ether without selling their assets. Initially, the product will be available for holders of profile NFT collections such as Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club (MAYC), and Doodles.

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