Binance CEO Changpeng Zhao has confirmed the news of the exchange platform’s plans to launch its own mining pool.
Initially announced by the crypto news platform Coinlife, the mining pool will launch sometime in the second quarter of this year. The news story also states that Binance has recruited more hands to see to this launch. The company is reportedly trying to get miners in China to help spread the word. Binance is also trying to attract clients by offering very attractive bonuses.
This is the first time Binance is floating its own mining pool. Last year, other major crypto platforms including OKEx and Huobi launched theirs within a month of each other. According to blockchain.com, both exchanges are 2 of the most prolific Bitcoin production pools in the market.
Pooling vice president Alejandro de la Torre has given his thumbs-up for crypto exchanges that run their own mining pools. According to him, mining is the most cost-effective way these exchanges can improve their liquidity.
Binance’s mining pool is expected to be a game-changer for the crypto exchange and might also quickly become one of the most popular. This is because the exchange has more than 15 million accounts and can easily leverage this power.
Binance Futures recently announced that its 24-hour Bitcoin trade volume surpassed that of derivatives giant, BitMEX.