Binance Pool Launches $500 Million Loan Project To Support Bitcoin Miners
Binance Pool – one of the products of Binance exchange that aims to help miners effectively increase their income, recently revealed a new program to support the mining industry through the current downturn.
Specifically, in order to support Bitcoin mining and infrastructure providers during difficult market conditions, Binance Pool is launching a $500 million lending project. This program is designed to provide secure debt financing services to both publicly traded and private Bitcoin miners globally.
Eligible borrowers will be required to agree to Binance's terms and regulations, which include loan terms ranging from 18 to 24 months with interest rates ranging from 5% to 10% and providing insurance coverage. cryptographic assets, physical or digital assets, in response to a request from the exchange.
In addition to the latest product that has just been launched, Binance Pool intends to launch other cloud-based mining products. As the cloud hashrate power will be operated directly from the miners, Binance Pool is working hard to find cloud mining providers to cooperate with the project implementation.
However, it must be admitted that this is a great effort by Binance to help miners “breathe” during the crypto winter. Because the mining industry is suffering from too much loss and cost pressure when the Bitcoin price has continuously dropped seriously in the past time.
However, the campaign launched by Binance Pool is not the first idea to hit the market. In late September 2022, Lending Platform Maple Finance also launched a similar initiative, launching a $300 million loan pool to support Bitcoin miners through a partnership with Icebreaker Finance.
Oct 14, 2022