The world’s largest exchange, Binance launched the Binance Pool, which is a mining platform. It is introduced in the span of less than a month just after the CEO of Binance accepted the rumors of the upcoming addition to his brainchild company’s product family. This announcement discovered the new mining pool as the bridge between traditional mining and financial services. If talk about the lowest fees in the market and the continuous integration with a complete package of Binance’s financial products which are the leading selling points to attract miners.
Prior to the news of the mining pool made headlines, the exchange was in controversy related to expanding its influence in the field of crypto data aggregation along with the acquisition of the popular token price hubs, CoinMarketCap. In addition to that, the latest published outline of the exchange’s Smart Chain also gained criticism for its governance mechanism’s alleged proneness to centralization.
Crypto exchanges meet mining pools
It is in the past time when geeky crypto enthusiasts used to run a lucrative mining operation from their own garage with a repurposed antiquated PC. The sudden increase in Bitcoin’s popularity and market capitalization have gained mining with the roof, first talking about the hardware arms race that led to the triumph of application-specific integrated circuits and then reducing individual home-based mining all but unsustainable altogether. Call on Binance toll-free number which is always approachable and the team is there to help you at every step. Connect with the team for results.
Crypto exchange were to gain a lot by entering into the mining scene, and they did. In the Binance’s blog, the hallmark of an exchange-powered pool is explained through rewards go directly to the participants’ exchange accounts instead of individual miners wallets, just like traditional mining pools. This distinction has created a world of difference can be accumulated in one word called liquidity.
The CEO and co-founder of BRD, a global company having specialization in blockchain-enabled financial services, Adam Traidman told Cointelegraph that besides benefits such as revenues and increase in decentralization of mining, exchanges are focusing into mining to generate liquidity for market making.
The Googles of crypto land
Talking of the other reward that keeps await big players with massive audience has an opportunity to get maximum of the user base, at the same time, expanding the range of products offered within their ecosystem which is the strategy that popular information technology companies employ through the board.
Catering users with exclusive products permit tech powerhouses to maintain horizontal growth even they approach the main points in their respective primary markets. Talking of Google, it has Gmail, YouTube, Chrome, Maps and a host of widely popular services to balance its original value proposition, the web search engine. To know more about Binance exchange, you can always have conversation with the team of elite professionals who are there to assist you. You can always call on Binance support phone number which is always active to assist you at every step.