ChainLink (LINK) is Now a Borrowable Asset on Binance Loans
2 min read
Quick take:
- The team at Binance has added ChainLink (LINK) as a borrowable asset on the Loans platform
- Uniswap (UNI) and Flamingo Finance (FLM) are also now borrowable on Binance Loans
- The Binance Loans platform uses the traditional collateralized borrowing
- Loans can be of 7, 14, 30 and 90 days and repayable in advance
- ChainLink technology continues to be integrated onto more crypto projects
Crypto users who wish to borrow ChainLink (LINK) can now do so on the Binance Loans platform. The team at Binance announced the addition of LINK on the loans platform earlier today alongside UniSwap (UNI) and Flamingo Finance (FLM). Below is the official Twitter announcement by the team at Binance regarding the addition of the three digital assets.
#Binance Loans Adds @chainlink $LINK, @UniswapProtocol $UNI & @FlamingoFinance $FLM as Borrowable Assets
https://t.co/EZccIKt1D3 pic.twitter.com/WqFhd19yXd
— Binance (@binance) October 20, 2020
More on Binance Loans
Binance Loans uses traditional collateralized borrowing. Users can choose to borrow from a list of supported digital assets with different interest rates and acceptable collateral. Furthermore, the maximum amount borrowable is based on the current crypto market conditions and an internal risk management system.
ChainLink (LINK), UNI and FLM join a long list of borrowable assets on Binance loans that also includes the following.
Binance Coin (BNB), Binance USD (BUSD), DAI, Just (JST), Neo (NEO), Ontology (ONT), STORJ, Swipe (SXP) and Tether (USDT).
In terms of collateral, Binance Loans currently accepts the following digital assets.
Bitcoin (BTC), Bitcoin Cash (BCH), Binance Coin (BNB), EOS, Ethereum (ETH), Litecoin (LTC), XRP and Tether (USDT).
Latest ChainLink (LINK) News
At the same time, the ChainLink (LINK) network has continued to develop real-life use cases with crypto projects integrating its technology onto their platforms.
To begin with, Solve.Care, a Healthcare Blockchain Platform, is collaborating with ChainLink to expand the role of smart contracts in the healthcare industry. ChainLink’s technology will further be used as follows.
Chainlink’s market-leading decentralized oracle network will be used to securely source and deliver the off-chain medical data required for the execution of smart contract-based healthcare services, revolutionizing the industry.
Secondly, the blockchain domain provider of Unstoppable Domains has integrated the ChainLink mainnet to allow users to link their Twitter handle to a public Ethereum address as a form of identity verification. Having such a link between a Twitter account and Ethereum address makes the process of sending and receive funds safer by linking to a known Twitter handle.
