Today in a blog post, Binance Pool unveiled a $500 million lending initiative to assist cryptocurrency Miners. As revealed, the project will offer debt financing packages to public and private blue-chip Bitcoin mining and digital asset infrastructure firms worldwide.
Now, Binance Pool is working to initiate cloud mining services, and it’s on the watch out to work with cloud mining vendors. The firm intends to purchase cloud mining hash power from Bitcoin mining and virtual infrastructure providers.
The recent project comes as an effort from Binance Pool to assist the cryptocurrency mining sector. However, the funds are also available for Mining infrastructure providers as well. The firm sees itself as one of the prominent mining pools in the world. Therefore, taking it upon itself to ensure a healthy digital asset ecosystem.
Furthermore, the latest initiative by Binance Pool comes at a crucial time when the market is experiencing a difficult turn. So the project is coming as a relief package to miners. Worth noting that the project is the first of its kind from Binance Pool, and it will help the firm establish its presence in the industry.
Additionally, Eligible borrowers are mandated to agree to certain terms and conditions provided by Binance Pool. Some of the terms include an 18 to 24 loan term. Interest rates attached to the loan ranges from 5% to 10%. Also, Eligible borrowers must provide security that is satisfactory to Binance. This security could either be physical or digital assets.
Previous effort by Binance Pool in the cryptocurrency space
Around June, Binance Pool partnered with a full-featured mining pool solution identified as UltimusPool. According to a press release, the partnership will provide user-friendly and reliable compliant services for international professional crypto miners.
The collaboration will see UltimusPool emerge as a technical services provider for Binance Pool. The firm will offer a suitable pool servicing platform that will attract miners. Also, the platform will give users unlimited access to lucrative mining rewards and payouts on a daily basis.
UltimusPool is a strong advocate of green mining, an attribute that facilitated the partnership between the two firms. The platform offers pool fee discounts for miners that are using eco-friendly power systems. With its recent collaboration with Binance Pool, the firm is on the path of gaining more favorable recognition in the cryptocurrency mining sphere.