Crypto Exchange Binance Joins OKEx and Huobi in Launching Mining Pool

Leading crypto exchange Binance is set to roll out its own crypto mining pool, revealed the platform’s CEO Changpeng Zhao on his Twitter.

While the crypto community is having fun of the April Fool’s Day pranks, Changpeng Zhao, better known as CZ, posted an announcement saying that a Binance mining pool is coming soon, and specified that it was not an April fool’s joke.

Yes, there is a #BinanceMiningPool coming soon.

A new addition to our suite of #BinanceFinance products we offer including: Staking, Earn, Savings and Loans.#useBNB https://t.co/hYa48hynX4

— CZ Binance (@cz_binance) April 1, 2020

The news was first broken Tuesday by the Russian crypto news outlet Coinlife, saying “the company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020.”

Jakhon Khabilov, head of the mining pool Sigmapool, said that Binance is already offering its potential clients very “generous” referral bonuses as it has been reaching out to some miners in China to promote its soon-to-be-launched service.

With the join of Binance, all the big three Chinese crypto exchanges have made their layout in their own mining pool. Prior to it, its peers, OKEx and Huobi, have launched their own mining pools in August and September 2019, respectively.

It is logical for crypto exchanges to launch mining pools, as the client base of mining pool users and exchange users largely overlaps. At present, both exchanges’ pools are among the top 10 pools in terms of bitcoin hashrate share, with OKExPool being the fifth and Huobi.pool the seventh, according to btc.com.

Earlier this year, CZ said in a January interview that 2020 is a very interesting year, and disclosed that the exchange had plans to roll out its own mining pool in 2020. Looking back on the past year, he concluded at that time that the company had completed the acquisition of 9 firms (with only three – JEX, DappReview and WazirX revealed) and strategic investments in 21 companies including derivatives exchange FTX.

Of late, Binance was reported to announce another acquisition – a $400 mln bid for the most popular cryptocurrency market data platform CoinMarketCap.

With its existing offerings including trading, staking, earn, saving, loans, crypto ranking, coming mining pool, etc, which caters to almost all the market needs in the crypto ecosystem, Binance’s ambition of becoming a one-stop shop for crypto service is obvious.

While the competition is apparently fierce as big players in the sector are also working hard towards the goal with recent moves in either supporting more fiat-to-crypto onramps or making a foray into more related businesses.

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