Binance Exchange Now Offers IOTX as a Borrowable Asset

·2 min read

The crypto ecosystem is evolving every day. More services are available to crypto users than just buying and holding crypto assets, for example, crypto companies like Binance provide crypto loans to their users.

Binance recently announced that the IOTX token would be borrowed from Binance, via the exchange’s crypto loan services.

“Crypto Loans” is a financial service that Binance provides the user to borrow some assets (borrowable assets), for example, IOTX, while putting some of the user’s other tokens as collateral.

All registered users in Binance can use the crypto loan feature. The cryptocurrency exchange offers 7, 14, 30, 90, and 180 days loan terms. It is possible to repay ahead of time, and the interest is based on the hours borrowed.

What Is IOTX?

IOTX is the native token of the IoTeX network. IoTex was founded in 2017 by Jing Sun, Qevan Guo, and Raullen Chai. It is a decentralized blockchain platform that aims to connect the real world with the digital world by bringing data and information.

IoTeX combines secure hardware, blockchain technology, real-world data oracles, and decentralized identity to gather real-world information to Dapps.

IOTX holders can stake their coins and give them access to participate in the network governance of the voting process.

Has the IOTX Price Reacted to This News?

IOTX is up 4.1% in the last 24 hours. The token is trading at $0.1016, but after the Binance announcement, on the morning of January 26, the token has not made big moves as you see in the graph below.

IOTX/USD chart. Source: FX Empire
IOTX/USD chart. Source: FX Empire

The cryptocurrency is still down 64% from its all-time high of $0.2878 in November 2021. Still, only time will tell if this new feature will really be reflected on IOTX’s price.

Connecting real-world data into the blockchain space seems like an exciting mission. Let’s see if the IoTeX team can build a connected world as they want it to be.

This article was originally posted on FX Empire


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