As a researcher with extensive experience in the cryptocurrency market, I find Binance’s latest expansion of its Loan service to include new assets such as Holo (HOT), Manta Network (MANTA), and others, an intriguing development. The fact that users are required to update their app versions to place orders indicates a continuous effort from the exchange to improve and adapt to market trends.
TL;DR
- Binance recently expanded its Loan service to include new assets such as Holo (HOT) and Manta Network (MANTA), requiring users to update their app versions to place orders.
The prices of these newly added tokens increased following the announcement, possibly driven by the broader recovery in the cryptocurrency market.
The Latest Update
As a crypto investor, I’m excited to share that the leading cryptocurrency exchange in the world, where I hold some of my investments, has rolled out another platform upgrade. This update brings new services and keeps us responsive to current market trends. Most recently, they’ve added Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL) as new assets you can lend on Binance Loans (Flexible Rates).
Clients looking to place new Binance Loans (Flexible Rate) orders through the application are required to update their apps to iOS v2.78.0 or Android v2.78.0 (or more recent versions). The company cautioned that older app versions can no longer process such orders due to lack of compatibility.
In the wake of the recent announcement, the costs for the majority of assets in the exchange have seen an uptick. JTO has experienced a 13% increase over the past 24 hours, MANTA has soared by 7%, and NFP has observed a 5% rise.
The additional support from Binance might be one reason the aforementioned coins entered a bullish mode. Another factor could be the evident revival of the entire cryptocurrency market today (May 2). Many of the leading digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), are well in the green after suffering substantial losses in the previous days.
The Previous Amendments
In recent weeks, the platform rolled out several enhancements. At the onset of April, it introduced eighteen new collateral assets including Pepe (PEPE) and dogewhat (WIF) for Binance Loans. Subsequently, it unveiled ARB/USDC and NEO/USDC perpetual contracts with a maximum leverage of 50x, and FIL/USDC offering up to 75x leverage.
This week, Binance Spot added the XRP/JPY, SHIB/JPY, ADA/JPY, and SOL/JPY trading options for users.
The choices center around the Japanese yen, allowing residents to explore crypto market depths more thoroughly. Users can trade JPY pairs with no fees whatsoever, according to the company’s announcement.
As a crypto investor, I’ve noticed that Binance made things easier for me and my Mexican peers by introducing a direct trading pair between Tether (USDT) and the Mexican Peso (MXN). Before this, we had to go through extra steps to convert our cryptocurrencies into USDT or MXN, which added complexity to the trading process. Binance simplified it for us with this new feature.
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2024-05-02 19:24