- Binance Pool has launched a $500 million leading project to aid crypto mining and startup firms.
- Binance sustains its expansion plans despite the market’s slump.
Binance Pool, Binance’s mining division, has launched a $500 million lending project to support the crypto mining and startup industries. It will make loans to blue-chip Bitcoin crypto miners. As one of the world’s leading crypto mining pools it has a responsibility to help maintain a healthy digital asset ecosystem. Given the current market conditions, they have launched a lending project.
Terms of Binance Pool Lending Project
According to the official blog post posted on October 14th, the Binance pool is granting access to the $500 million. The loan fund based on the terms of an 8 to 24-month term, 5% to 10% interest rate. And the utilization of some physical or virtual assets as collateral. And the company will investigate a wide range of criteria, including current performance, mining capacity, and security volume, to determine the borrower’s suitability.
Binance Pool will also initiate cloud mining products, acquiring cloud mining hashing power directly from Bitcoin mining and digital infrastructure providers.
Binance’s spokesperson clarified the blue-chip criteria.
One of the requirements is that the applicant is a Binance VIP user and connect at least 500 PH/s to the Binance Pool for at least 24 months after the loan is issued.
The company did not mention the maximum loan amount, instead referring to the unique circumstances of each applicant.
Binance sustains its expansion plans despite the market’s slump. It opened regional offices in New Zealand in September after signing up with the Ministry of Business, Innovation, and Employment.
Since Changpeng “CZ” Zhao visited the country last Spring, the exchange has enlarged its local team in Brazil by opening two offices as of the start of October. According to reports, the business is still going to support Elon Musk, the CEO of Tesla, in his $44 billion bid to procure Twitter.