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Binance Launches $500 Million Loan Program to Support Bitcoin Miners, Who Can Get It?


 Binance Pool, a mining subsidiary of Binance, has launched a $500 million lending project to support the cryptocurrency mining industry. It will provide loans to private Bitcoin (BTC) miners.


According to an official blog post published on October 14, Binance Pool will provide access to a $500 million loan fund with several terms, which include the tenure of 18 to 24 months, and interest rates from 5% to 10%, against certain physical or digital assets. as a guarantee. To determine a borrower's creditworthiness, the company will look at various metrics, including current performance, mining strength, and security.


Binance Pool will also launch cloud mining products, directly buying cloud mining hash power from bitcoin mining digital infrastructure providers.


Speaking, a Binance spokesperson clarified that the potential lending criteria will only accept secured lenders:

“One of the requirements is that the applicant must be classified as a Binance VIP user and have a minimum of PH/s500 associated with the Binance Mining Pool for a minimum of 24 months after the loan is issued.”

 The company did not specify the maximum amount of a single loan, noting that the details of each case differ


Binance continues its expansion strategy even in the bear market. In September, it registered with the New Zealand Department of Business, Innovation, and Employment and opened local offices in the country.


By the beginning of October, the platform opened two offices in Brazil, doubling the size of its local team since CEO Changpeng Zhao called "CZ" visited last spring. The company is reportedly still backing Tesla CEO Elon Musk's bid to acquire social media platform Twitter for $44 billion.

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