Crypto Exchange Binance Announces $500,000,000 in Funding to Support Critical Bitcoin Sector
The world’s largest crypto exchange platform announces plans to raise hundreds of millions of dollars to support Bitcoin (BTC) mining.
In a new press release from the company, Binance says it is launching a $500 million fundraising pool to support the crypto mining industry.
“As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital ecosystem. In light of current market conditions, Binance Pool is launching a $500 million loan project to support crypto miners and digital infrastructure providers.
The first of its kind for Binance Pool, this project was designed to provide secure debt financing services to both public and private blue-chip Bitcoin (BTC) mining and digital asset infrastructure companies globally.
According to Binance, the goal is to provide access to loans worth $500 million to crypto miners. Eligible borrowers must agree to specific loan terms, including a length of 18 to 24 months, interest rates between 5% and 10%, and provide satisfactory collateral.
Furthermore, Binance says it is looking to launch cloud mining services and wants to partner with cloud mining providers.
Earlier this month, Binance CEO and billionaire Changpeng Zhao said the firm has over $1 billion in coffers to spend on various deals.
According to Zhao, Binance is interested in acquiring troubled crypto lending firms.
“We’ve been looking at a lot of lenders in the last few months because that’s where all the problems are. A lot of them just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. So what to get? We want to see real products that people use.”
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Featured image: Shutterstock/Jorm S
