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In light of the current market conditions, Binance, the world’s leading crypto exchange, has announced a plan to extend financial support to companies involved in extracting cryptocurrencies. The Binance pool initiative will launch a $500 million lending project to help Bitcoin mining and infrastructure providers as part of their effort to strengthen the mining industry.
This is Binance’s first pool initiative with responsibilities to help maintain a healthy digital ecosystem and offer secure debt financing services to both public and private blue-chip Bitcoin mining and digital asset infrastructure companies worldwide. Miners will be required to provide security satisfactory, either physical or digital assets, and to gain access to the loans, borrowers would have to accept a set of terms and conditions like an 18months-24months term and interest rate ranging between 5% and 10%.
The exchange also announced its intent to launch cloud mining products. Which will be purchased directly for cloud mining hash power from Bitcoin mining and digital infrastructure providers; Binance pool is also looking for cloud mining vendors to work with.