Binance is launching a $500 million project to support Bitcoin miners and infrastructure providers facing massive losses the fall of crypto prices this past year.
Binance has unveiled a new lending project as the crypto mining sector suffers greatly from the bear market.
This move comes after Jihan Wu, the founder of Bitmain, announced the creation of a $250 million fund to buy troubled assets from mining companies.
Wu is currently in charge of Bitdeer Technologies, a spin-off of the company that makes bitcoin mining equipment, which will invest $50 million in it at first.
The $500 million project, started by Binance Pool, aims to offer secure debt financing services to both the general public and private, top-tier BTC mining and digital asset infrastructure enterprises worldwide.
The business intends to obtain the final $200 million from outside investors.