Crypto miners can now leverage Bitcoin-backed loans through M2’s partnership with NiceHash.
Abu Dhabi-based cryptocurrency exchange M2 has partnered with NiceHash, a cryptocurrency mining services provider, to introduce flexible lending solutions for miners. According to a press release shared with crypto.news on Tuesday, the initiative aims to help miners access liquidity without selling their Bitcoin (BTC) holdings.
Through this collaboration, M2 plans to offer loans in Tether’s (USDT) stablecoin to crypto miners using BTC as collateral. The companies suggest that these loans could help miners scale operations, cover expenses, and manage cash flow more effectively.
“At M2, we understand the challenges miners face in maintaining liquidity while preserving their Bitcoin investments. Our partnership with NiceHash represents a shared vision of empowering miners with smarter financial solutions that allow them to grow their businesses without sacrificing their Bitcoin holdings.”
— Sudhu Arumugam, M2 Chief Product Officer
You might also like: Crypto exchange M2 ‘resolves’ $13.7m incident after hack reports
Backbone of M2’s lending
According to M2, miners could unlock liquidity by using their Bitcoin as collateral and get “flexible repayment options, including allocating a portion of their hash rate.”
NiceHash, a hashrate marketplace operator, emphasized that it’s more than just a temporary partner in the venture, stating that its technology is now “powering the tech behind M2’s lending solutions.”
Read more: Does Bitcoin bring us closer to a ‘nuclear holocaust’?
