Binance to Credit Crypto Miners with $500M Fund
iHodl.com
Main page News, Mining, Binance, Crypto Market

Binance's mining arm, Binance Pool, has established a $500 million fund to help cryptocurrency mining firms weather the crypto winter, the exchange said in a press release.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to the announcement, the mining pool will offer credit lines to eligible firms that will agree to its terms & conditions. Binance will lend funds for a period up to 18 or 24 months at interest rates ranging from 5% to 10%. The cryptocurrency trading platform is also seeking mining providers to work on a new business venture that will offer cloud mining products.

Binance Pool Starts Supporting ETHW

The move comes after Binance's Founder, Changpeng Zhao (CZ), said that the exchange is ready to put over $1 billion on acquisitions and investments until the end of the year. Although CZ declined to elaborate on which companies Binance might purchase, he hinted that the platform might acquire minority stakes in "traditional ecommerce and gaming companies."

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error
Close