Binance to give $500 million to support the mining industry

The crypto exchange will issue loans for 18-24 months at 5-10% per annum

14.10.2022 - 06:45

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What’s new? Binance, the largest cryptocurrency exchange by trading volume, has launched a $500 million project to finance the mining industry and digital infrastructure providers. According to the company's blog post, the term of the loan ranges from 18 to 24 months, with interest rates ranging from 5 to 10% per annum.

Binance blog

More about the initiative. The company clarified that the exchange plans to give loans to both public and private organizations, regardless of the jurisdiction in which they are located.

As collateral, Binance is ready to consider any physical goods or digital assets. The company also intends to launch cloud mining products using the power of bitcoin miners.

Earlier, Binance's BNB Chain network completed its 21st quarterly burn of BNB native tokens. 2 065 152,42 BNB worth $574,8 million were destroyed.

On October 10, bitcoin mining difficulty reached a new all-time high of 33,73T. The average hashrate of the network rose to 263,5 EH/s.

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