Binance Pool, a mining subsidiary of Binance, launched a $500 million lending project to support the crypto mining industry. It will provide loans to private blue-chip Bitcoin (
) crypto miners.
According to the official blog post from Oct. 14, the Binance Pool will provide access to a $500 million loan fund on several conditions, which include an 18-to-24-month term, 5% to 10% interest rates, and some physical or digital assets as a security. The company will look at a wide range of metrics, including current performance, mining power and security quantity, to define the borrower’s creditworthiness.
Binance Pool will also launch cloud mining products, directly purchasing the cloud mining hashing power from Bitcoin mining and digital infrastructure providers.
Speaking to Cointelegraph, a Binance spokesperson clarified the criteria for defining a potential borrower as a “blue-chip:”
“One of the requirements is that the applicant must be classified as a Binance VIP user and connect at...
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