Binance is launching its own crypto mining pool

Cryptocurrency exchange company Binance is launching a crypto mining pool.

On Tuesday, Russian news outlet Coinlife first reported the exchange’s plan to build a new bitcoin mining pool. The move was later confirmed by Binance CEO Changpeng Zhao in a Wednesday tweet.

Additionally, Zhao announced that there will be a series of new additions to Binance’s finance product line-up including staking, savings, and loans.

Sources told Coinlife that Binance has already hired specialists to work on the new mining pool. The new hires include those who previously worked for Bitmain as the latter firm reportedly planned to carry out another round of layoff. The new pool, according to Coinlife , is expected to launch in q2 2020. 

Notably, both OKex and Huobi launched their mining pools last year, in August and September, respectively.