Binance – the world's largest cryptocurrency exchange, has added Ripple(XRP) to the third phase of the Binance lending program. The program is set to launch on September 11 and will be able to provide 7% annual returns.
The program is set to launch on September 11 and will be able to provide 7% annual returns.
The Binance users will be able to lend Ripple(XRP) and other cryptocurrencies to Binance to earn interest. The interests will be payable from September 11 through September 25. The annual interest rate of initial lending products like Ripple XRP and the majority of cryptocurrencies in the Binance lending products has been set at 7%.
Binance also announced the launch of Binance.US in the upcoming weeks. A few reports have claimed that the procedures will be starting a few days earlier. This is meant to give users enough time to get their accounts verified and deposit funds. While joining Binance, customers will be required to verify their identities using a valid government ID, passport, driver's license, or a social security number. Binance has not yet released the names of states where Binance.US will be available. However, the list of states will be released before the launch of Binance.US.
Sticking with the growth of Ripple, the continued adoption of Ripple as a payment platform is gaining momentum. Faysal Bank Limited (FBL) - One of Pakistan’s largest financial institutions, has partnered with Ripple to launch a digital payments solution. Faysal Bank boasts assets worth $1.5 billion and 220 branches countrywide which makes it a big financial institution and a strategic partner. The news was announced on September 6, 2019. The partnership with Ripple was marked by a meeting in Karachi, Pakistan’s leading industrial and financial center. Among the high profile people attending the meeting was Faysal Banks president, Yousaf Husain. With the partnership having been made official, Faysal Bank Limited has now joined more than 200 financial institutions and payment providers that are using RippleNet. The technology is a global decentralized payment network for conducting fast and cost-effective international transactions.
Finally, Binance Charity – A philanthropic wing of the famous Binance cryptocurrency exchange, has begun a campaign to help support victims of Hurricane Dorian. Since September 5, the charity began accepting cryptocurrency donations. The funds from the campaign will go towards providing food and other aids for hurricane Dorians victims. Local organizations in affected areas will be used to provide assistance. Binance charity through its website announced that the donations in XRP and other cryptocurrencies would be distributed to the Hurricane Relief Project. By the time of writing, the charity had received a total of 0.558 BTC ($5,852.90) from 14 donations. With more banks and financial institutions adopting RippleNet, Ripple will only continue to grow. Also, the various partnerships are enabling Ripple to have a solid reputation. The future looks bright for Ripple XRP holders and for cryptocurrency investors.