Binance, the top crypto exchange in the world on the basis of the volumes traded daily, has announced that it is going to make half a billion dollars available as loans to firms engaged in cryptocurrency mining.
This lending program is intended to support blockchain infrastructure providers as well as Bitcoin mining entities at this time when the industry has been subjected to immense headwinds resulting in the massive loss of market value. Binance Pool said in a statement that they had an obligation to play a positive role in maintaining a blockchain and crypto ecosystem that was healthy.
This initiative of making money available for borrowing by players in the crypto mining world is the first such move by Binance Pool. Through this project, Binance Pool aims at offering debt financing to BTC (blue-chip Bitcoin) firms involved in crypto mining as well as infrastructure provision. The beneficiary companies will be both publicly traded and private from all over the world.
Any company wishing to benefit from the available loans will be expected to accept a list conditions. These include a repayment period of 18-24 months, the provision of loan security which Binance will deem acceptable whether in the form of digital assets or physical loan collateral. The interest rate will also be in the region of 5-10 percent.
During the event announcing the loan facility, Binance also indicated that the Pool would also launch a project focused on cloud mining. The company explained that it was in search of infrastructure providers or vendors that would work with it to provide the hash power needed during the cloud mining activities.
Binance Pool ranks high among crypto mining companies when those firms are ranked based on their hashrate. Other major players in this space include Antpool, Foundry USA, Viabtc as well as F2pool. Bitcoin mining activity dropped on September 27, but then reached record-setting levels soon after on October 10. This spike magnified the difficulty of minting new BTC (Bticoin). Bitcoin is the cryptocurrency having the largest market capitalization, making it the most attractive crypto to miners and mining companies.
This step taken by Binance will give the industry and firms like Tingo Inc. (OTC: TMNA) a boost since it shows how confident Binance is regarding the future prospects of not just crypto mining but the blockchain industry in general. Retail and even institutional investors may therefore be strengthened in looking more favorably about the future prospects of this industry which is still in its relative infancy.
NOTE TO INVESTORS: The latest news and updates relating to Tingo Inc. (OTC: TMNA) are available in the company’s newsroom at http://ibn.fm/TMNA
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