A $500 million lending project was announced by Binance Pool, a mining subsidiary of Finance, to support the cryptocurrency industry, according to Cointelegraph, which will give loans to private Bitcoin cryptocurrency miners.
The crypto space has had a hectic few weeks, not just crypto gaming! FTX’s collapse has affected all parts of the crypto market, leading to highs, lows, and busts. Many investors lost money when their coins crashed and wondered, “What to do now? ”.
According to Binance Labs’ announcement this week, the company has closed a $500 million investment fund to boost Web3 adoption and accelerate blockchain investment. Several significant equity funds and organizations came forward to support the fund, including DST Global Partners, Breyer Capital, Whampoa Group, and others.
BTC.com data shows bitcoin mining difficulty rose 13.5% to surpass 35.61 trillion on Monday. A total of 257 exahashes per second (EH/s) was needed to verify blockchain transactions on average. With interest rates ranging from 5% to 10%, eligible borrowers will have access to loans with terms of 18 to 24 months. They must provide Binance with “acceptable” collateral in the form of tangible or digital
assets.
As of this point in the year, the stock prices of publicly traded miners like Marathon Digital (MARA), HIVE Blockchain (HIVE), Hut 8 Mining (HUT), and CleanSpark (CLSK) have all fallen by 65% to 80%.
