Binance Introduces DOGE and LTC Collateral Options, Adds CGPT to VIP Loans

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Binance, a prominent worldwide cryptocurrency exchange, has broadened its loan offerings by incorporating Dogecoin and Litecoin as collateral options on its Fixed Rate Loan platform. As per a statement released on Wednesday, the firm also introduced ChainGPT as a lendable asset within its VIP Loan program.

As an analyst, I’d articulate it this way: When I need to borrow cryptocurrencies, Binance’s Fixed Rate Loans offer me the convenience of set interest rates over defined loan periods. With these loans, I can use multiple types of collateral to minimize the risk of liquidation and ensure a secure lending process.

Market Response to the Announcement

In addition to Dogecoin and Litecoin, Binance’s Fixed Rate Loan platform currently accepts various collateral assets for loans, such as Bitcoin ($99,536 with 3.3% volatility in the last 24 hours, market cap of $1.97 trillion, and a 24-hour volume of $55.14 billion), Ethereum ($3,343 with 4.5% volatility in the last 24 hours, market cap of $401.79 billion, and a 24-hour volume of $20.96 billion), and Binance Coin ($704.8 with 1.5% volatility in the last 24 hours, market cap of $102.58 billion, and a 24-hour volume of $746.05 million). This broad selection enables users to utilize numerous cryptocurrencies as collateral for loans, accommodating diverse financial strategies.

After incorporating fresh cryptocurrencies onto their platform, they observed increased market activity. Specifically, Dogecoin, which has been on an upward trend since January 14, climbed further to about $0.36, marking a roughly 5% rise. At present, Litecoin is valued at around $103 as per CoinMarketCap’s latest figures. Over the past 24 hours, Litecoin has seen a surge of approximately 3.38%.

Regarding CGPT, there was a significant surge of approximately 9% that took the token’s value to $0.4 during Wednesday afternoon. At this point, it has a market capitalization exceeding $332 million. Nevertheless, its trading volume has experienced a drop greater than 18% within the last 24 hours.

Binance’s Recent Endeavors

During this period, Binance has been broadening its loan services, coinciding with a string of initiatives they’ve taken on. From December 2024 through January 2025, Binance has been actively developing and adding more features to their platform, such as introducing new digital asset trading pairs to give users more opportunities for trades.

As a crypto investor, I was thrilled to learn on January 3rd that my preferred platform had expanded its offerings. They added four new trading pairs: PHA/USDC, PLN/USDCS, TEEM/USDC, and USUAL/USDC, to their spot market. To cater to seasoned traders like myself, they also introduced specialized Trading Bots for these pairs. This development opens up exciting opportunities for strategic investments in the rapidly evolving crypto space.

On January 15, 2025, the company broadened its Earn program by introducing a special, time-limited offer. This allows users to gather rewards from a variety of items.

This afternoon, the company’s futures division disclosed that it has introduced support for PROM/USDT Perpetual Contracts. As stated in a formal announcement, this new contract offers up to 75 times leverage, allowing users to manage positions equivalent to 75 times their initial investment amount.

In significant industry developments, Binance has obtained crucial regulatory achievements in major markets. On January 2, the firm announced the commencement of the new year with a fresh operational license in Brazil, marking their 21st such achievement worldwide, as stated by Binance. This license was bestowed upon them by the country’s financial regulator.

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2025-01-15 18:38