Poolin Partners with BlockFi to Expand Its Crypto Services

China-based mining pool Poolin partners with United States multinational crypto lending company, BlockFi. In search of expand the cryptographic services it provides to users. 

The announcement was recently made known through a article published the official site of the financial services company the blockf. And later it was confirmed on his official Twitter account. Likewise, the mining company Poolin spoke about it, describing this alliance as the beginning of a great opportunity that will allow it to expand its business to more miners and users of the tecnología blockchain.

En este sentido, the blockf will play the role of lender, with the aim of providing an ample capital fund to Poolin. As well as ensuring compliance and transparency of all financial and cryptographic processes carried out.

For its part, through these new resources, Poolin hopes to offer new services to its clients and new miners. In addition, he pointed out that loans to users will be made with a really low annual interest rate. A rate that will probably be less than 6%. 

It is important to note that Poolin is currently the second largest mining company in the world. Poolin occupies between 18% and 20% of the total hash power what does the network have Bitcoin currently. And it is surpassed only by the mining pool F2Pool. 

Likewise, this mining company began launching crypto loan offers for users in mid-February of this year. So now with this new alliance and its new services, it is estimated that Poolin could become the largest Bitcoin mining pool. 

We recently had an exclusive interview with Poolin Vice President Alejandro de la Torre. an interview where Alejandro told us everything about his company and the importance of mining for the Bitcoin network. 

It may interest you: Alejandro de la Torre talks to us about mining pools and their impact on Bitcoin

Poolin offers greater liquidity to Bitcoin miners

With this alliance, the mining company, Poolin, will be able to have a greater amount of financial resources to offer better services to its miners. And of course, to those who wish to join this lucrative activity. As of the current date, Poolin has around 5.000 miners integrated into your mining pool. Of which the majority are located on the Asian continent. 

So from now on Poolin will be offering a wide range of financial services for crypto loans. Which will be directed to miners, companies and other companies in conjunction with the services offered through its subsidiary BlockIn, located in Singapore. A company that provides cryptographic purse and wallet services. 

For his part, Poolin states that The loans that miners will receive will average around 6% annual interest. A rate that is well below that usually used by banks and other financial entities. Something that will undoubtedly be of great benefit and help both for the miners and to give greater impetus to the company. It is expected that with the new resources available, Poolin can significantly expand the number of miners integrated into its pool. 

We must not forget that Bitcoin mining, although it is a fairly expensive activity today, is also very lucrative for those who make their investments intelligently. According to the data de BTC.com, so far in 2020, the network's top miners have managed to mine thousands of blocks on the Bitcoin network. A fact that translates into hundreds of thousands of dollars in expenses, and another several million in profits. 

Demand for crypto loans growing rapidly

Poolin's Director of Financial Services, Yang Jianguo, made a recent comment where he explained that cryptocurrency mining is becoming a highly in-demand and competitive business. In addition, he highlighted that Poolin has a great advantage in its mining services, but that users and miners also need to diversify their options. So he views Poolin's partnership with BlockFi to integrate crypto loans into its portfolio of products and services with great positivity. 

Also, the Poolin CEO Kevin Pan, mentioned that:

“Miners have an increasing need to access financing and, as part of that, they need to ensure their collateral is secure.”

Also pointing out that the loans that the company will grant from now on are guaranteed with bitcoins.

Finally, the CEO of BlockFi, Zac Prince, noted that the largest number of miners are located in Asia, while investors and capital are located in the United States. Therefore, he sees the alliance between BlockFi and Poolin as very opportune, as a path that will allow them to connect both regions to expand their cryptographic services. 

Continue reading: Let me tell you about the crypto ecosystem