Binance to Launch Crypto Mining Pool

The launch of the pool is expected by Q2 2020.

Leading digital asset exchange 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.

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.

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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.

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.

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