A credit pool has appeared that provides a loan of 300 million US dollars

  • Ultramining.com
  • 21 September, 2022 18:03
A credit pool has appeared that provides a loan of 300 million US dollars

It looks like an act of generosity. But don’t be fooled. For one thing, it only applies to bitcoin mining companies. Second, the mining providers must be exceptionally mid-sized. And thirdly, you will only be given between 12-18 months to repay the debt. And, alas, without real financial or virtual assets as collateral, you’re not going anywhere.

It is noted that the institutional cryptocurrency lending protocol Maple Finance has joined forces with the large company Icebreaker Finance.

This will only apply to accredited BTC mining firms. The important thing to consider is that they must be located in North America, Canada, or Australia. Representatives of the crypto community from the CIS (and some other countries) are unlikely to benefit from this loan. Unless, of course, they relocate overseas.

Always know if the juice is worth the squeeze? The insider says that the interest rate will be as much as 20%. Yes, and as collateral, you will have to provide their honestly mined property. This can be Asics, power transformers, or crypto.

Maple Finance representatives hope that their venture will work and benefit the crypto industry. According to Sidney Powell, the company’s CEO, the loan will expand the funding mechanism for people who mine bitcoins. That, in turn, will able to grow mining and the local economy.

By the way

This credit pool has been operating since September 20 of this year. And last year Maple Finance lent more than $1.8 billion to accredited mining companies. On a repayment basis, of course.

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