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Cryptocurrency exchange Binance will issue loans secured by NFTs

NEWS
1:21 pm, May 26, 2023

Binance, a marketplace for non-fungible tokens from the cryptocurrency exchange, has introduced a new feature that allows taking cryptocurrency as collateral for NFTs. This became known from the platform’s official website.

Binance 's NFT platform now supports loans in ethereum in exchange for NFT blue chips, including Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles. The current interest rate on NFT loans is 7.91% per year. The ratio of the loan to the token value ranges from 40% to 60%. In addition, there are no fees for gas or Ethereum transaction.

The Binance NFT function uses a peer-to-peer pool mechanism. At the same time, the NFT marketplace is a lending pool, which creates an additional level of security.

In addition to the lending service, Binance has recently launched artificial intelligence to automate the creation of cryptocurrency tokens. The new tool, called Bicasso, generates an NFT profile image based on the photos and textual wishes of the user.

However, at the time, the developer of the technology for generating NFTs using artificial intelligence accused Binance of copying its product. According to @heyproject7, Binance released a copied Chatcasso tool under the Bicasso wrapper. It is worth noting that companies often copy ideas from startups participating in hackathons.

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