Binance Provides a $500 Million Lending Project For Crypto Mining Industry

A $500 million lending project was launched by Binance Pool, a mining subsidiary of the Binance Company for the crypto mining industry. A loan program will be offered to blue-chip Bitcoin crypto miners privately.

Providing Access to Binance Pool For Crypto Mining

An official blog post from Oct. 14 states that Binance Pool will provide access to a $500 million loan fund under several conditions, including 18-to-24-month terms, 5% to 10% interest rates, and some physical or digital assets as collateral.

“Binance Pool recently unveiled a $500-million project to support BTC mining and infrastructure providers,” stated on the website.

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To determine the borrower’s creditworthiness, the company will take into account a variety of factors, including current performance, mining power, and security quantity.

A cloud mining product will also be launched by Binance Pool, which will purchase cloud mining hash power directly from Bitcoin mining and digital infrastructure providers.

An official from Binance clarified the criteria for selecting borrowers as “blue chips” in an interview with Cointelegraph

“One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”

A maximum amount for a single loan was not specified by the company, which referred to the individual circumstances of each applicant.

Continuing to Expand

The company opened a local office in New Zealand in September and registered with the Ministry of Business, Innovation and Employment despite the bear market.

A new office for the exchange opened in Brazil as October began, double the size of the exchange’s small staff in the country, when Changpeng “CZ” Zhao visited.

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The company is reportedly still backing Tesla CEO Elon Musk’s bid to acquire Twitter for $44 billion.

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Jamilatul Mahmudah

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