Leading cryptocurrency exchange, Binance has just announced the latest product on their ever-expanding platform ‘Binance Pool’ – “a cryptocurrency mining platform dedicated to empowering miners and the global crypto mining industry.” It is said to have lower fees than other mining pools, a fairer, more rewarding service and a team of experts to support miners in their work.
It’s no surprise to see that the market leader, Bitcoin will be the first mining service available in the pilot phase. In month one, the fees will be 0%, a figure which will rise to 2.5% for existing customers in month two and thereafter. It’s worth noting that they have already assured customers that more cryptocurrencies will be added in time, as well as options to tailor and adjust to suit the miners needs.
Binance overall goal in this space seems to be to offer customers a total experience, a one-stop-shop for all crypto needs. You could begin to compare this model to what Amazon did with the online marketplace, or even supermarkets did with shopping. Binance have setup a hub of services which all coexist each other and benefit each other. For example, your rewards earned from mining will have lower fees that traditional exchanges and go directly into your account for you to use with spot, margin or other trading options.
This dedicated approach to continuous improvement has already seen them add services such as futures, margin & spot trading, staking and lending. This all comes in addition to their recent acquisition of popular data site CoinMarketCap.
By using the products in their ecosystem in unity, they begin to naturally complement each other and enhance the customer’s experience – and that is exactly the ambition of Binance in this market.