One of the World's Largest Bitcoin Mining Pools Set to Launch "New Financial Products"
The Singapore-based hedge fund and its new mining partner are set to launch a range of new products in the coming months.
Key Takeaways
- Singapore hedge fund Three Arrows Capital has partnered with Bitcoin mining pool Poolin.
- Poolin’s parent company Blockin will work with the hedge fund to create new financial products.
- The first products will be available through the Blockin Wallet App in mid-June.
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Blockin, the company behind the Bitcoin mining pool, Poolin, has entered into a strategic partnership with Singapore-based hedge fund Three Arrows Capital. According to Alejandro De La Torre, Poolin’s vice president, the two companies will work together on creating new financial products.
Partnership Between Bitcoin Mining Pool and Three Arrows Capital
Three Arrows Capital, a prominent Singapore hedge fund with a global presence, has announced that it entered into a strategic partnership with one of the largest Bitcoin mining pools in the world.
According to an announcement from Poolin’s vice president, Alejandro De La Torre, Poolin and its parent company Blockin will be working closely with Three Arrows in the following months.
Su Zhu, the CEO of Three Arrows, said that working with Poolin’s founder Kevin Pan has “been an absolute pleasure,” adding that Poolin was one of the most respected names in the Bitcoin community.
New Financial Products Set to Come Within Weeks
De La Torre said that the two companies would be working together to create and deploy new “financial products.” Without giving any details about what kind of service they will be providing, he said that the products would be “compliant, secure, and easy-to-understand.”
Users, however, won’t have to wait long before they can utilize them—the first of many products the two companies will work on will be released mid-June.
The product will be available to all users through the company’s Blockin Wallet app.
This isn’t the first time Poolin established a partnership with a significant crypto company—the Bitcoin mining pool announced its collaboration with BlockFi, a U.S. based cryptocurrency lending company, earlier this month. Three Arrows Capital is also an investor in BlockFi.
By partnering with BlockFi, Poolin was able to provide lending services to its miners, as many saw their operating costs skyrocketing after the Bitcoin block reward halving in May.
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