Binance, the world’s largest cryptocurrency exchange by trade volume, has announced that Cardano (ADA) and Avalanche (AVAX) have been added to the list of supported staking collateral assets on the Binance Loan platform.
The exchange announced today in a blog post that holders of ADA and AVAX can now stake the cryptocurrencies to borrow other crypto assets on the platform.
Binance has expanded the list of assets that users can drop as collateral with the addition of ADA and AVAX, allowing more people to participate in the initiative.
“Binance has added ADA and AVAX as staking collateral assets on the Binance Loans platform. Loan orders with ADA and AVAX as collateral will be staked to reduce interest.”
Services for Binance Loans
Binance Loans, which debuted in 2019, allows users to use supported cryptocurrencies as collateral to obtain a loan in another digital currency.
Aside from ensuring that the cryptocurrency you want to borrow and use as collateral is supported on the platform, Binance users who want to participate in the exercise face no barriers.
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Tether (USDT), Binance Dollar (BUSD), Fantom (FTM), USD Coin (USDC), and other crypto assets are available for borrowing.
Similarly, the world’s largest cryptocurrency exchange accepts a variety of assets as collateral when borrowing other digital currencies from the loan platform.
Users can choose the loan duration, ranging between seven and 180 days.