The biggest cryptocurrency exchange in the world, Binance, made an exciting announcement earlier on October 14 to support the cryptocurrency mining sector.
A $500 million lending project to support the cryptocurrency mining sector has been announced by Binance Pool.
The Binance official announcement is as follows:
“”As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching a $500million lending project to support crypto miners and digital infrastructure providers.”
This project is a first-of-its-kind for Binance Pool, according to Binance. Binance stated that it will concentrate on offering debt financing to both public and private Bitcoin miners with this project. Additionally, Binance intends to support various crypto asset infrastructure businesses worldwide.
Details of Binance Pool’s Miner Lending Project read as follows:
- Binance Pool will make loans totaling $500 million for a term of 18 to 24 months as part of this project.
- The loan’s interest rates will be in the 5% to 10% range. Additionally, the Binance Miner Lending project will provide security for both tangible assets and digital assets.
One of the most popular mining pools asserts that it has a duty to ensure the sustainability of the larger crypto-mining ecosystem.
The announcement states that Binance Pool will offer qualified borrowers loans with terms ranging from 18 to 24 months. Interest rates for Binance Pool will range from 5% to 10%.
Additionally, the business states that it intends to release cloud mining products.