Binance Pool launches another financial fund to support miners

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Ultramining.com

21:01 Oct 14, 2022

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Binance Pool launches another financial fund to support miners
This was reported by the news resource CoinDesk in his Twitter account, referring to Binance. It is known that the company joined the growing trend of alternative lending. The organization has allocated a total of $500 million. The money will go to support the field of mining in such a difficult period.

What is the main reason for the big losses of virtual coins miners

Analysts and researchers blame cryptozyme (the period of low quotations of most virtual assets). Geopolitical events that affect fiat currencies, energy costs and so on also contribute to the overall picture.

The basic principles of lending

Those to whom the loans will be issued must meet certain criteria. You can find out more on the official website of Binance.

The repayment period for debts is from 18 to 24 months. The interest rate can range from 5 to 10 percent. Also, customers interested in lending will have to offer physical or virtual property as collateral. This can be crypto or equipment for mining it.

In addition to information about the loan, the company's specialists also told about the products designed for comfortable cloud mining.

By the way

This is not the first example of virtual coin mining companies trying to support their industry. Earlier, Bitmain CEO Jihan Wu announced the creation of a fund to support mining. Its size was supposed to be $250 million


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