It was about a couple of years back when Binance had proven to be the largest cryptocurrency exchange in the world in terms of trading volume.
While other cryptocurrency exchanges are trying to rival it in terms of trading volume, the exchange is busy increasing its dominance over the crypto-verse.
Binance Extends Financial Support
The officials at the exchange have announced that they have decided to extend their financial support within the cryptocurrency.
According to Binance, their financial support is set to extend to the cryptocurrency mining sector. Even the cryptocurrency mining sector would be able to benefit from Binance’s financial support.
In order to offer financial support to the crypto mining sector, Binance has announced the launch of a lending project. It was the mining pool of Binance, which announced the launch of the lending program.
Purpose of the Lending Program
The purpose of the new lending program is to support and promote Bitcoin mining. Additionally, the project aims to provide support to the infrastructure providers.
In addition to promoting and backing Bitcoin mining, Binance wants to extend its support throughout the crypto-mining industry.
One of the representatives from Binance Pool talked about the role they have to play in the world of cryptocurrencies.
As per the representative, being a highly reputed entity in the crypto verse, they feel they have a very big role to play. They have a big role to play in the development and expansion of the crypto industry.
They have taken it upon themselves to ensure that the digital asset ecosystem stays healthy and continues to flourish. They need to work with the rest of the businesses in the crypto-verse.
For them, it is important that even if it is competition in the crypto-verse, it remains healthy. They want the entire digital asset ecosystem to benefit from that and make it a highly attractive industry.
A Lending Project Worth $500
Binance Pool has announced that in the initial run, they have allocated $500 million for lending purposes. The digital infrastructure providers and crypto miners would be able to benefit from the project.
According to Binance Pool, it is the first initiative they have taken to support the particular sector. Their aim is to keep expanding their support and provide support to crypto miners other than Bitcoin.
Following the launch, the public digital asset infrastructure and mining companies would be able to benefit from the project’s secure debt financing services.
The blue-chip companies belonging to the same sectors can also benefit from the program on a larger scale.
The loans would be offered on an 18-month and 24-month returning condition and would come with interest rates up to 10%.
Crypto mining firms will benefit tremendously from Binance’s latest initiative. This would eventually increase the mining competition as well as the mining difficulty for Bitcoin.
As a result, the demand for Bitcoin would increase significantly, which would eventually increase its trading price.
