Private and publicly-listed bitcoin miners can now apply for loans with Binance, as the cryptocurrency exchange launched a $500 million fund on October 14 for miners unable to cope with the ongoing downturn of the crypto-market conditions.
Bitcoin miners applying for loans with Binance Pool - the company's mining service - must pledge security to obtain loans for 18 to 24 months. Securities can be in the form of physical or digital assets.
Bitcoin's fund for miners has followed in the footsteps of Chinese crypto billionaire Jihan Wu, the founder of Bitmain, who set up a $250 million fund to buy distressed assets from bitcoin miners last month.
Wu’s Bitdeer Technologies Holding Co has planned to invest $50 million from its own fund. Following this, Wu is planning to raise an additional $200 million from external investors.
Binance's initiative has come as bitcoin miners have experienced tough times in the past few months, with the price of bitcoin falling too deep lows. Along with...
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