- Crypto exchange Binance has announced 22 new assets to its New Loanable Assets and New Collateral Assets Sections.
- The exchange is also expected to list Bone after the Shibarium testnet PuppyNet launch.
Binance has announced that it is adding 22 New Loanable and Collateral Assets to its Flexible Loan and VIP Loan services. According to the announcement, the Flexible Loan service would have 8 new loanable and 8 new collateral assets. The loanable assets are “AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS”. The collateral assets are SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST. This means 6 loanable assets which are NKN, FARM, DIA, YGG, OGN, and ACA would be added to the VIP Loan service.
Binance, in the announcement, explained its Flexible Loan:
Binance Flexible Loan is an isolated, overcollateralized, and open-term loan service that allows users to complete loan orders while collateralizing cryptocurrencies in existing Simple Earn Flexible Products subscriptions. Through Flexible Loan, users may enjoy greater flexibility without committing to a specific loan term when borrowing cryptocurrencies, and earn Real-Time APR rewards via Simple Earn Flexible Products at the same time.
The VIP Loan, on the other hand, represents a large personal and institutional over-collateralized loan service. This is said to have competitive rates, terms, and services. Users who patronize the Binance VIP Loan get access to greater liquidity for long-term investment funds, leveraged trading, and hedging strategies.
Previous Additions by Binance
In June, Binance added 8 New Loanable Assets to its Flexible Loan service. These were BCH, FLOW, KLAY, CAKE, ICX, SUSHI, RAD, and DAR. The exchange also added another 8 New Collateral Assets to this category. These were ARB, BCH, INJ, TUSD, ZIL, XLM, FLOW, and FTM.
In its VIP Loan category, AR, TRU, BICO, CHESS, FIO, RARE, and REI were added to the New Loanable Assets, while IMX, RUNE, and GAL were added to its New Collateral Assets.
Binance has also announced that it is adding XEM as a borrowable asset on Cross Margin. Its Cross Margin pair would be XEM/USDT.
The SHIB community finds the inclusion of Shiba Inu an exciting development. According to the report, Binance is also preparing to list Shiba Inu’s Bone ShibaSwap (BONE). The likes of OKX, Huobi, and Crypto.com have all been rumored to list Bone after the Shibarium testnet PuppyNet launch. The Shibarium mainnet launch has been fixed this month and is expected to provide more technical backing to the project for other exchanges to come on board. Shiba Inu lead developer Shytoshi Kusama said:
Our unique decentralized structure described in the final Worldpaper, the hard work of thousands of decentralized Shib projects, and the power of the ShibArmy provide us with a backbone unlike any other.
Binance has recently been going through some regulatory challenges after its CEO Changpeng Zhao and the exchange was accused of assisting Chinese nationals to bypass restrictions to trade on the platform despite a crypto ban in the region. The US Justice Department officials are also reported to be contemplating leveling fraud charges against the entity following several accusations raised by the US Securities and Exchange Commission in a lawsuit. Despite all these, the exchange is still seeking to expand to new regions. Binance has now gotten the approval to operate in Japan.
