Binance to Launch Cryptocurrency Mining Pool in Quarter 2

Binance, the world’s largest cryptocurrency exchange, will be launching a mining pool, according to a tweet from CEO Changpeng Zhao.

“Yes, there is a #BinanceMiningPool coming soon. A new addition to our suite of #BinanceFinance products we offer including: Staking, Earn, Savings and Loans. #useBNB,” the tweet reads. Of course, the BNB he is referring to is the platform’s native cryptocurrency used for exchange rates.

The pool’s launch is meant for quarter 2 of this year, following Huobi and OKEx into the mining market, a report from Coinlife notes.

On top of this, the publication reports that Binance is looking into cryptocurrency analytics as well. In fact, it appears to be in the final negotiations with CoinMarketCap, investing an estimated $400 million in the space.

Interestingly, Binance also recently revealed its loan services. Thanks to this, users will be able to borrow against all sorts of different cryptocurrencies, such as Tether and BUSD, InsideBitcoins has previously reported.

Loans will range anywhere from a week to 90 days, and there is even a 3-day overdue period for users, though crypto holdings will be liquidated if a user is unable to pay off a debt. As of now, the platform is offering 20% off interest rates, it seems.