Binance Poollaunched a $500 million loan project to support the crypto mining industry.
The decline in the crypto market is hurting crypto miners. At the same time, reasons such as energy restrictions in Europe and low gas storage levels in the US make cryptomining operations difficult. For these reasons, recently Compute North had filed for bankruptcy. Binance Pool, on the other hand, is implementing a loan project for crypto miners to reduce the hassle.
Binance Pool Launches $500 Million Project
Binance Pool,announced the launch of a $500 million lending project aimed at supporting the cryptocurrency mining industry.
Binance Pool, which recently opened a mining pool for ETHW, the forked version of Ethereum that protects the PoW fundamentals, with its new project; It will provide loan support to eligible borrowers with maturities ranging from 18 to 24 months.
It is stated that interest rates ranging between 5 percent and 10 percent will be requested for loans. Miners, on the other hand, will need to provide collateral in the form of physical or digital assets for the loan, which will last 18-24 months.
The company also says it plans to launch cloud mining products.
