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Binance platform adds Tomo currency to its internal savings solution

By RafaƂ - 2020-10-11

Binance Savings is a financial product offered for users to lend and earn interests over time directly from the platform. Users can lend a wide range of idle crypto assets to Binance Margin, and get interests on these without all the inherent risks of trading. Flexible Savings is a top crypto savings account accessible for everyone. Investors can subscribe their crypto to earn interest, with the flexibility to redeem the funds at any time and convenience of daily interest and real-time funds credit. This solution is a great way to develop a passive income efficiently.

Addition of the Tomo project

Binance has added TOMO to the list of supported assets on Savings, a value-added service to Binance users who hold idle digital assets. The criteria to join this opportunity are stated below as written on the official Binance website :

  • Subscription Format : First-come-first-served basis. (The amount of « seats » is thus limited with a total cap of 2,000,000 TOMO and 500,000 as individual cap. The lot size has been set at 100 TOMO.

  • Subscription Period: From 2020/10/09 12:00 PM (UTC) to 2020/10/10 12:00 PM (UTC).

  • Interest Calculation Period: 2020/10/10 12:00 PM (UTC) to the end of each respective product period.

  • Term to maturity:14 days with an annualized rate of 8% and a ratio of 0.3068 TOMO interest per lot at full maturity.

Subscriptions will close on a certain product once the maximum limit is reached as specified above with set caps. Binance Savings will make adjustments to the types of supported assets, interest rates, individual limits and total subscription limits based on market conditions.

For more details on binance savings, you can check the official website information at https://www.binance.com/en/support/faq/360034998492