10-18-2022 icon

Binance to Support Bitcoin Mining Industry With Over $500M Loan 

By Lucy Adegbe
Binance debit card

Binance, the largest crypto trading protocol by daily exchange quantity, has disclosed an intent to financially assist the industry focused on digital currency extraction through its loan initiative that was recently introduced by the exchange’s mining group.

As announced by the trading protocol, “In the light of current market conditions, Binance pool is launching a $500-million lending project  to support crypto miners and digital infrastructure providers.”

A project as such is being set to facilitate bitcoin extraction as well as support all efforts being made toward improving the mining industry. 

While other cryptocurrencies have seen a drastic drop in value within the past months, bitcoin miners have been roughly affected by the hung rate of bitcoin around the $20,000 mark which is an intense plunge from its $68,000 highest of November 2021.

The prominent digital currency company intends to push through with its first-ever mining pool initiative by proposing a secure loan funding assistance to reputable and excellent private and publicly owned digital mining companies. 

However, beneficiaries of these loans are required to agree to certain terms and conditions such as a 5% to 10% lending rate and 18 months to 2-years duration. Also, industry miners would need to proffer physical or virtual asset documentation as a backing to the long-term indebtedness.

Binance also highlighted that the trading platform’s mining group is also set to introduce its line of products for its mining business in November.