The world’s largest cryptocurrency exchange has announced plans to raise hundreds of millions of dollars to support Bitcoin (BTC) mining.
In a new company press release, Binance announced the launch of a $500 million fundraising group to support the cryptocurrency mining industry.
“As one of the world’s leading mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching a $500 million loan project to support crypto miners and digital infrastructure providers.”
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The project, the first of its kind in the Binance Pool, is designed to provide secure debt financing services to major and private Bitcoin (BTC) digital asset miners and infrastructure firms globally.
According to Binance, its goal is to provide access to $500 million in loans to crypto miners. Eligible borrowers must agree to specific loan terms, including a repayment period of 18 to 24 months, interest rates between 5% and 10%, and satisfactory guarantees.
Additionally, Binance says it is looking forward to launching cloud mining services and is looking to partner with cloud mining service providers.
Earlier this month, Binance CEO and billionaire Changpeng Zhao said the company had more than $1 billion in its coffers to spend on various transactions.
According to Zhao, Binance has an interest in acquiring a troubled cryptocurrency lender.
We’ve studied several lenders over the past few months because that’s where all the problems lie. Many of them take user money and give it to someone else. There is not much intrinsic value. If so, what should I buy? We want to see real products people use.
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Featured Image: Shutterstock / Jorm S