Binance, the largest crypto exchange in the world by daily trading volume has announced that it will provide financial support for companies involved with the extraction of cryptocurrency. The platform’s mining pool recently revealed the lending project.
As part of the efforts to boost the mining industry, the program will assist bitcoin mining and infrastructure providers. Binance Pool, one of the most prominent crypto mining pools in the world, has an obligation to maintain a healthy ecosystem for digital assets,’ the exchange stated.
Binance Pool has launched a lending program of $500 million to help crypto miners and providers of digital infrastructure in light current market conditions.
This is Binance Pool’s first such initiative. The global crypto company will offer secured debt financing services to public and private blue-chip Bitcoin ( BTC) miners and digital asset infrastructure businesses around the globe.
Borrowers will need to agree to terms such as a term of 18-24 months and interest rates between 5% to 10% in order to be eligible for the loans. Binance will also require miners to provide sufficient security, in digital or physical form.
The exchange also announced that Binance Pool plans to launch cloud mining products. Binance Pool explained that cloud mining power can be purchased directly from digital infrastructure providers and bitcoin mining companies.
Binance Pool ranks among the top mining companies by hashrate share, alongside Antpool, F2pool and Foundry USA. After a drop in Sept. 27, which was the first in two months, Bitcoin’s mining difficulty soared to an all-time high, as Bitcoin.com News reported. This made it more difficult than ever to mint Bitcoin, the crypto that has the largest market capital.