Binance to Launch Its Own Cryptocurrency Mining Pool

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Cryptocurrency exchange Binance is set to launch its own mining pool in the near future.

The move was first reported on by Russian news outlet Coinlife. Reacting to reports the company’s CEO Changpeng Zhao ended up confirming the move in a tweet, where he added that Binance will offer users a series of financial products that will include savings, loans, staking, and ways to earn.

https://twitter.com/cz_binance/status/1245361117301358592?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1245361117301358592&ref_url=https%3A%2F%2Fwww.cryptoglobe.com%2Flatest%2F2020%2F04%2Fbinance-to-launch-its-own-cryptocurrency-mining-pool%2F

Coinlife reported, citing sources familiar with the matter, that Binance has already hired specialists to work on the new cryptocurrency mining pool. CoinDesk cited Jakhon Khabilov, head of the Sigmapool mining pool, saying Binance is offering “generous” referral bonuses while reaching out to miners in China.

Alejandro de la Torre, vice president of popular mining pool Pooling, noted that exchanges can be motivated to enter the cryptocurrency mining space as it’s the cheapest way for them to add liquidity to their platforms.

Binance’s move follows the footsteps of its competitors OKEx and Huobi, which launched their own cryptocurrency mining pools un August and September respectively. As reported, OKEx’s Pool has even taken a stance in EOS’ security and stability after topping the EOS Block Producer (BP) rankings.

Last month, Binance announced the launch of its own cryptocurrency-backed Visa debit card. The card, called “Binance Card,” will initially be available in Malaysia before rolling out to the rest of the world, and can be topped up with Bitcoin (BTC) or Binance Coin (BNB) that users hold in their Binance accounts.

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