According to a recent tweet by the CEO of Binance, the Binance exchanges plans to launch a mining pool soon. It marks another expansion in the services offered by Binance in the crypto sector. The mining pool would be an expansion of the Binance finance suite that includes savings, staking, loans, and earning.
Work Has Started
The crypto exchange has already hired some professionals who are working on the creation of the mining pool. Some of the professionals hired are former employees of Bitmain, which is one of the leading makers of mining equipment in the world. Besides that, they run one of the largest crypto mining pools in the world. With their talent and the deep pockets of Binance, they could create a revolutionary mining pool for the crypto sector.
While an official date for the launch of the mining pool has not been given, it is expected that the pool could launch sometime in Q2 2020. The decision by Binance to offer mining pool services is not very surprising. Some of its competitors in the crypto exchange world such as Huobi and OKEx already offer mining pool services to their users. The two exchanges launched mining pools towards the end of 2019. Soon after the launch, the mining pools joined the club of the top ten mining pools in the world. Given their huge user base, crypto exchanges could soon challenge the dominance of all other crypto mining pools in the world.
Binance was launched in 2017. At the time, it operated as a crypto-to-crypto exchange. However, the platform has since expanded into other areas of the crypto world. For instance, it now supports crypto-to-fiat trades. They have been on an aggressive path of expansion around the world. For instance, in 2019, Binance bought WazirX, an Indian crypto exchange. The purchase was welcomed by the Indian crypto community at the time. Additionally, Binance wasted no time applying for a license in Singapore as soon as the nation passed a law to regulate the crypto sector.
All of the recent moves by Binance are geared towards dominating as much of the crypto sector as possible. While most other crypto exchanges focus on offering crypto trading services, the Binance exchange has been working on expanding into all areas of the crypto sector. Their goal is to be an all-in-one platform for everything related to crypto.
Today, the Binance exchange operates in almost all parts of the world via acquisitions of local exchanges. It has numerous subsidiaries that include numerous fiat-specific exchanges and some decentralized exchanges. Its goal appears to be helping to deal with the issue of fragmentation in the crypto world. In its latest expansion push, Binance recently revealed that it plans to expand into South Korea, one of the biggest Bitcoin trading markets in the world, via a local crypto exchange.
One of its biggest moves thus far has been the acquisition of Coinmarketcap.com for an estimated amount of $400 million in stock and cash. Thus far, it is the largest deal in the crypto world ever.
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