The leading international blockchain ecosystem and the world's largest cryptocurrency exchange, Binance, has introduced a new service for its customers: credit secured against non-fungible tokens (NFT). Currently, only Ethereum is accepted as collateral for NFT.
Exchange customers can now use digital assets from collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki and Doodles for such loans. As this endeavour moves forward, Binance intends to expand both the types of collections and the cryptocurrencies available.
Furthermore, the annual loan rate on NFT will be 7.91% and there is currently no transaction fee on Ethereum.
In April 2021, Binance unveiled its NFT trading platform, which was launched in June of that year. Subsequently, in early May 2023, NFT Blur, a major market player, introduced its token lending protocol called Blend.
Around the same time, MyEListing.com, an American service that allows you to buy and sell real estate using cryptocurrency, appeared. It is claimed to be able to complete transactions within one business day.
Moreover, Moon Mortgage announced the launch of a crypto-asset-backed mortgage loan service for all liquid cryptocurrency holders to use borrowed funds to finance the purchase of real estate.