Posted 1 year ago | by Ben Armstrong
Reports: Binance Plans to Launch a Crypto Mining Pool by Q2 2020
Binance, a leading of digital asset exchange, has announced that it will launch a mining pool. A mining pool would expand its crypto finance offerings, and is likely to be well recieved by the crypto community.
According to a tweet dated April 1, Changpeng Zhao, the founder and CEO of the exchange, revealed that it is an addition to Binance’s finance suite which includes staking, savings, earning, and loans...
“Yes, there is a #BinanceMiningPool coming soon.
A new addition to our suite of #BinanceFinance products we offer including: Staking, Earn, Savings and
This pic of the #BinanceMiningPool's first livestream just now is trending in Chinese speaking circles.
— CZ Binance ??? (@cz_binance) April 1, 2020
More Options from Binance...Maybe
Coinlife, the Russian crypto news daily, reported that Binance has already hired “some professionals” for its mining pool operation as well as some former Bitmain employees also joined the exchange for its mining operation.
The Russian publication also stated that while Binance officially did not confirm anything, the launch of the mining pool can be expected by the second quarter of this year.
It is also notable that this move of the exchange into the mining industry is forested since it is given the offering of the same services by its key competitors, OKEx and Huobi. Both the exchange launched their mining pools in August and September last year respectively and then quickly gained their spot in the list of top ten mining pools.
Mining Pools are Growing
The dominance of existing mining pools could be threatened by these exchanges since they have a huge, crypto-specific customer base.
Binance was launched in 2017 and was one of the first to established itself as a crypto-to-crypto exchange. It is currently attempting to expand its services in other cryptos related areas and new markets.
The company is also working to open several subsidiary exchanges, which include several fiat-specific exchanges which are also a decentralized exchange. The exchange is preparing its plan to enter the South Korean market through a new local crypto trading platform.
Binance recently launched a plan to acquire Coinmarketcap.com, which is a digital currency data aggregator, for $400 million, which would make it the largest crypto deal to date.