Following the May 2020 halving event, BlockFi has partnered with Poolin
, one of the world’s largest cryptocurrency mining pools, to deliver key financial services to the global mining community.
Poolin, which is partnering through its Singapore subsidiary BlockIn Wallet, mined the most bitcoins in Q4 2019 and has consistently ranked in the top three global mining pools since inception. The company serves more than 5,000 mining clients, primarily in Asia.
With support from BlockFi, Poolin will expand its offering of financial services to miners, starting with bitcoin-collateralized loans. “Miners have an increasing need to access financing, and as part of that they need assurance that their collateral is safe and secure,” said Poolin CEO Kevin Pan.
BlockFi will work on customizing its products for the Poolin mining community, helping ensure best-in-class transparency and risk management for collateral. BlockFi is one of the leading lenders in the crypto space, with institutional backing from investors such as Valar Ventures and Susquehanna.
The partnership developed after BlockFi CEO Zac Prince met Kevin Pan on an episode of the CryptoTonight podcast, which aims to bring together the Asian and Western crypto communities.
“Right now, the majority of mining and mining development happens in Asia, while crypto financing is growing primarily in the U.S.,” said Zac. “This is a way to connect the two regions and our specific advantages. We see first-hand how much demand there is in Asia and are glad we can partner with a leading service provider such as Poolin.”
BlockFi continues to expand its services across Asia, bringing investors such as HashKey
and Three Arrows Capital
onboard in 2020. The company plans to open its new Singapore office later this year.