Binance, one of the world’s top cryptocurrency exchanges, has announced that it will further expand its offerings in the crypto finance industry. They will do so through the launch of a new mining pool service.
Hiring Professional Help
The news came out on Wednesday by none other than Binance’s CEO and founder, Changpeng Zhao. Zhao, nicknamed CZ, made the announcement on Twitter that Binance will have mining pools as an addition to its already impressive finance suite, which includes saving, earning, staking, and loans already.
As it stands now, Binance has reportedly hired “some professionals” from the industry to aid in the operation of its upcoming mining pool. Furthermore, the company scooped up a few employees from Bitmain to help with the mining operation. This was reported through the Russia-based crypto news platform, Coinlife
Adapting To Competition
It comes as little surprise that Binance is pushing into the mining pool market. As it stands now, two of its largest competitors, Huobi and OKEx, have already started to offer the same service on their respective platforms. Huobi had launched its mining pool back in September last year, with OKEx following shortly after in August.
Due to the huge customer base focused on the crypto industry already, these exchanges will pose a real threat to existing mining pools of the world. As it stands now, it’s unclear what will happen in the long-term with these additions to the crypto arena.
A Brief History
Binance launched just a few years ago, back in 2017. Back then, it first established itself as a crypto-to-crypto exchange heavyweight. However, it wasn’t long before the company started to push hard for expansion, both into crypto markets and new ones altogether.
As it stands now, Binance operates a range of subsidiary exchanges, including exchanges dedicated to a specific fiat, as well as several decentralized exchanges. As a testament to this, the exchange is soon set to enter South Korea’s crypto market through a local crypto trading platform. It seems Binance found itself a method that works.
As it stands now, the most significant move from Binance is the acquisition of Coinmarketcap.com. CoinMarketCap is a popular crypto data aggregator. The acquisition will cost Binance a staggering $400 million, making it one of the most significant crypto acquisitions to date.
Binance has yet to cease its aggressive expansion campaign and seems to be getting results because of it. With any luck, it will help push crypto integration into the mainstream market.