Crypto exchange Binance has launched a $500 million project to promote the crypto mining sector and help miners overcome the current market condition.
The first of its kind for Binance Pool, this project was developed to provide secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure companies globally.
Under this new project, the loan period will be between 18 and 24 months, with an agreed-upon interest rate.
The claimed interest rate ranges from 5% to 10%, and companies that accept the loan must provide Binance with adequate security in the form of either tangible assets or digital assets.
Binance Pool also intends to launch cloud mining products in the future. As the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining vendors to work with them.
Also read: Binance Launches Ethereum Proof-of-Work Mining Pool
