Binance Wallet launches Web3 Loan on-chain lending feature

According to the official announcement, Binance Wallet has launched a new Web3 Loan on-chain lending feature, allowing users to directly use their existing assets as collateral to borrow crypto assets within the Binance Wallet, expanding the on-chain lending experience.

This feature enables multi-asset collateral and borrowing through the integration of the Venus protocol on the BNB Chain. It currently supports collateralization of mainstream assets including BTCB, ETH, USDT, USDC, FDUSD, and WETH, and allows borrowing of USDT, USDC, and BNB. Binance Wallet stated that it will launch an exclusive reward campaign based on this lending feature, where users borrowing eligible assets can share a reward pool of 400,000 USDT and enjoy preferential interest rates, aimed at enhancing the liquidity and yield potential of on-chain financial and lending services within the wallet.