Binance Pool, a mining division of Binance, reportedly released a $500 million lending initiative to back the crypto mining sector, via offering loans to private blue-chip Bitcoin crypto miners. 

Specifically, the Binance Pool will offer access to a $500 million loan fund if a few conditions are satisfied, including an 18-to-24-month term, 5% to 10% interest rates, and numerous physical or digital assets as a security. 

The firm will view a wide scale of metrics, including existing performance, mining power and security quantity, to determine the borrower’s creditworthiness.

Binance Pool will additionally release cloud mining offerings, directly purchasing the cloud mining hashing power from Bitcoin mining and digital infrastructure providers.

“One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.” A Binance representative offered clarification for the criteria regarding the definition of a potential borrower as a “blue-chip”. 

The firm provided no further specification regarding the maximum sum of a single loan, with reference to the specifics of each applicant’s situation.

Binance carries on with its expansion strategy regardless of bearish movements in the market. In September, it completed registration with New Zealand’s Ministry of Business, Innovation and Employment and opened local offices in the country.

With the start of October, the exchange set up two offices in Brazil, increasing the size of its local team by two-fold since Changpeng “CZ” Zhao’s visit to the nation last Spring. 

Reportedly the company is still supporting Tesla CEO Elon Musk’s $44 billion takeover bid of social media platform Twitter.