M2 Teams Up With NiceHash to Unlock Liquidity for Bitcoin Miners
Cryptocurrency miners can now take advantage of Bitcoin-backed loans thanks to M2's partnership with NiceHash.
Abu Dhabi-based cryptocurrency exchange M2 has signed a deal with mining service provider NiceHash to offer flexible lending solutions for miners. According to a press release published on crypto.news on Tuesday, the initiative aims to help miners obtain liquidity without having to sell their Bitcoin (BTC) holdings.
As part of this partnership, M2 plans to provide loans in the stablecoin Tether (USDT) to crypto miners using BTC as collateral. The companies expect these loans to help miners expand their operations, cover costs, and manage cash flow more efficiently.
“At M2, we understand the challenges miners face in maintaining liquidity while also holding on to their Bitcoin investments. Our collaboration with NiceHash represents a shared commitment to providing miners with smarter financial solutions that allow them to grow their businesses without compromising their Bitcoin holdings.”
— Sudhu Arumugam, Chief Product Officer, M2
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Basics of M2 Lending
According to M2, miners can gain liquidity by using their bitcoins as collateral, as well as take advantage of “flexible repayment terms, including sharing a portion of their hash power.”
NiceHash, the operator of the hashrate market, noted that it is not just a temporary partner in this project, emphasizing that its technology is now “the foundation of M2’s lending solutions.”
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Source: cryptonews.net