The Bitcoin exchange Binance now offers its users the opportunity to use their BNB tokens for decentralized finance and receive interest for it. The interest is paid pro rata daily and should be between 5% and 10% per year.
In a press release , the Binance crypto exchange presented its new “BNB Vault” (BNB chamber). In this chamber, Binance users can store their BNB tokens and have them work for them there.
What are BNB tokens?
BNB is the name of the in-house tokens created by Binance in 2017 . The tokens are a crypto currency and offer a whole range of advantages when used on the Binance crypto exchange. The option now created to let the token work on the crypto exchange via the BNB Vault and receive interest for it is another advantage.
In addition, Bitcoin Lifestyle software buys back part of the BNB tokens issued every year and destroys them. This creates deflation and the tokens potentially increase in value.
What exactly is the BNB Vault?
In its press release, Binance writes:
“The BNB Vault is a capital-guaranteeing investment product with flexible access. The Vault integrates various Binance products in order to maximize the income potential of your BNB [tokens] from both centralized and decentralized finance with just one click … “
Among other things, it can be seen that users are guaranteed to get their invested capital back and at the same time can flexibly request it back at any time.
Binance also names three advantages of the offer:
– Simple insertion of the BNB
– Income from different sources with just one click
– Easy removal at any time
In addition, according to Binance, the BNB tokens used should continue to be usable for the BNB benefits, such as air drops, launchpad holding position, VIP rights, etc.
The interest should be between 5% and 10% per year. They are paid out on a daily basis.
The boss recommends
Changpeng Zhao, the founder and CEO of Binance, tweeted about the new offer:
“Make it easy for yourself. Leave all the technical details to us. We also bear the risk of fraud. “
With this, Zhao was referring to the more recent cases of fraud in the area of decentralized finance. A suspected preparation for such a fraud was recently exposed. The well-known DeFi influencer Anthony Sassano apparently also wanted to take part.