Binance's mining arm, BINANCE Pool, has established a $500 million fund to help cryptocurrency mining firms weather the crypto winter, the exchange said in a press release.
According to the announcement, the mining pool will offer credit lines to eligible firms that will agree to its terms & conditions. Binance will lend funds for a period up to 18 or 24 months at interest rates ranging from 5% to 10%. The cryptocurrency trading platform is also seeking mining providers to work on a new business venture that will offer cloud mining products.
The move comes after Binance's Founder, Changpeng Zhao (CZ), said that the exchange is ready to put over $1 billion on acquisitions and investments until the end of the year. Although CZ declined to elaborate on which companies Binance might purchase, he hinted that the platform might acquire minority stakes in "traditional ecommerce and gaming companies."
