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.