Binance to Launch Crypto Mining Pool

Leading digital asset Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance is set to further expand its crypto finance offering with the launch of a mining pool.

Revealed on Wednesday by Changpeng Zhao, founder and CEO of the exchange, on Twitter, this 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 Loans.#useBNB https://t.co/hYa48hynX4 — CZ Binance ??? (@cz_binance) April 1, 2020

Binance has already hired “some professionals” for its mining pool operation, and former Bitmain employees also joined the exchange for its mining operation, Russian crypto news daily Coinlife detailed.

Though Binance did not confirm anything officially, the launch of the mining pool can be expected by the second quarter of this year, according to the Russian publication.

Notably, Binance’s jump into the mining industry could be anticipated given the offering of the same services by its key competitors - OKEx and Huobi. Both exchanges launched their own mining pools in August and September last year, respectively, which quickly gained their spot in the list of top ten mining pools.

These exchanges can challenge the dominance of existing mining pools, given their huge crypto-specific customer base.

All-in-one crypto platform

Launched in 2017, Binance first established itself as a crypto-to-crypto exchange. However, now it is pushing hard to expand its services in both other crypto-related areas and new markets.

Binance now operated multiple subsidiary exchanges, including several fiat-specific exchanges and also a decentralized exchange.

The exchange also set to enter the South Korean market with a new local crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

However, the biggest move by the exchange came recently with its plan to acquire Coinmarketcap.com, a digital currency data aggregator, for $400 million, making it the largest crypto deal to date.