Binance Pool has half a billion dollars to lend to crypto miners during the bear market.
from Oct. 14, the Binance Pool will provide access to a $500 million loan fund on several conditions, which include an 18-to-24-month term, 5% to 10% interest rates, and some physical or digital assets as a security. The company will look at a wide range of metrics, including current performance, mining power and security quantity, to define the borrower's creditworthiness.
Binance Pool will also launch cloud mining products, directly purchasing the cloud mining hash power from Bitcoin mining and digital infrastructure providers. Speaking to Cointelegraph, a Binance spokesperson clarified the criteria for defining a potential borrower as a “blue-chip”: “One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”
The company did not specify the maximum amount of a single loan, referring to the specifics of each applicant’s situation.
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