Binance launches bitcoin-backed 'Lite Loan' with $1,000 borrowing limit
Quick TakeBinance has launched “Lite Loan,” a bitcoin-backed borrowing product that lets eligible users borrow up to $1,000 in USDT without selling their BTC.Lite Loan is aimed at users with small, short-term borrowing needs and does not trigger price liquidation during the initial 30-day loan term, Binance said. Crypto exchange Binance has launched “Lite Loan,” a new product that lets eligible users borrow up to 1,000 USDT without selling their bitcoin. The exchange said the product is designed for users with small, short-term borrowing needs who want a simpler borrowing experience. “Lite Loan is designed for users who want access to liquidity without the complexity that often comes with crypto borrowing,” Jeff Li, Binances vice president of product, said in a statement. Users can also use bitcoin held in Binances Simple Earn Flexible products as collateral, allowing those holdings to continue earning yield while the loan is outstanding. Borrowed USDT can be used for trading or payments through Binance Pay. Binance said there is a gap between interest in crypto-backed borrowing and actual usage. Citing research from crypto lender Ledn, the exchange said 88% of crypto holders would consider borrowing against their digital assets. Still, only 14% currently do because of concerns about price