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