- Binance has expanded its loanable assets to increase users’ lending flexibility.
- BNB saw positive price action following the announcement of new lending services.
Binance [BNB]one of the popular cryptocurrency exchange platforms, has unveiled plans to expand its loanable assets offered through Binance Loans (Flexible Rate) and VIP Loan services.
This initiative is designed to meet the diverse borrowing needs of users, increasing their flexibility within the platform.
What is the goal?
By introducing new assets available for lending, Binance aims to maintain its position as a versatile provider in the evolving digital finance landscape.
Interestingly, this move by Binance comes amid its ongoing legal battle with the SEC, and the recent conviction of CEO Changpeng Zhao is a refreshing step forward.
To provide more insight into the plan, the team released a press release and noted,
“Binance has added the following loanable assets to Binance Loans (Flexible Rate) and VIP Loan.
- Binance Loans (Flexible Rate) – Bittensor (TAO), LayerZero (ZRO) and Lista (LISTA)
- VIP Loan- Bittensor (TAO), COTI (COTI), LayerZero (ZRO), Lista (LISTA), Portal (PORTAL), Sleepless AI (AI) and Vanar (VANRY).”
The team added even more clarity about their new initiative:
“To place new Binance Loans (Flexible Rate) orders through the Binance app, upgrade the app to iOS v2.78.0 or Android v2.78.0 or later. Older app versions no longer support placing new Binance Loans (Flexible Rate) orders.”
Effect on BNB?
This development reversed the downward trend that had been observed at BNB for some time. As of the last update, BNB was trading at $530.70, up 1.39% in the last 24 hours.
However, it is important to note that while the new plan boosted BNB’s price appreciation, the Relative Strength Index (RSI) remained at 44, indicating bearish sentiment below the neutral level at the time of writing.
Therefore, if BNB wants to reach and surpass USD 600, it must break the immediate resistance at USD 559, paving the way for a continued bullish phase and the expected bull run.
Source: TradingView
This was further confirmed by AMBCrypto’s analysis of Santiment data, which showed a significant drop in social volume and weighted sentiment.
This highlighted the increase in negative comments surrounding the BNB token, indicating growing bearish sentiment.
Source: Santiment