Celsius Network CEO, Alex Mashinsky has shared his opinion about the newly introduced Binance lending scheme. Alex, during an interview on BlockTV, said that Binance is doing nothing but playing a stunt with its exchange lending arrangement.
This statement was made by him in a BlockTV interview anchored by BlockTV’s presenter, Yael Lavie and blockTV’s correspondent, Asher Westropp-Evans in a cryptonomics session in which Binance lending arrangement was majorly discussed. Alex disapproved of the giant exchange’s idea of lending and openly disregarded it as “nothing but a stunt”.
Binance Can Do Better – Celsius CEO
Alex maintained that the Binance lending arrangement is a mere lottery in which only a few would benefit while Changpeng Zhao, Binance CEO would be at the gaining end as people would utilize and hold his company’s coin, BNB. He stated that by introducing this lending platform, Binance is not fulfilling the original purpose of securing a better future of high steady return for cryptocurrency users.
According to Alex,
After grafting a profit of almost $700 million from its community last year, it’s good to see that Binance is trying to give something back…
CZ is the largest holder of BNB and he is just promoting his coin to let more people hold it, making him richer than he is. It doesn’t have anything to do with bringing the power back to the people. But this is nothing. Binance can do 10 times more than this.
Binance recently announced the launching of its lending platform which will go live on Thursday, 28th August 6:00 AM (UTC). With this platform, Binance users will be able to increase their earnings by gaining interest income for lending out their coin holdings over a specific period of time. In the first phase of the platform launch, a 14-day fixed-term BNB, USDT and ETC lending products will be made available, according to the official announcement.
Binance’s Recent Developments
Binance lending is a move from the company to diversify its services further after announcing the launch of futures trading on the platform. Binance is the biggest cryptocurrency exchange as of now and boasts of millions of customers globally. The exchange keeps expanding and introducing new features and products, some of which include expansion to New Jersey, futures trading, the new lending platform, and the popular Binance Decentralized Exchange, Binance DEX .
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