Venture capital firms have flooded the crypto sector in the past few weeks, with two other crypto firms raising capital through fundraising
Genesis Digital Assets (GDA) appears to be on the right track to drive expansion. The industrial-scale bitcoin mining company announced that it had raised $ 125 million from its most recent round of funding. The round was led by the British hedge fund Kingsway Capital with the participation of other investors. Genesis Digital Assets said in the press release that it plans to use the acquired funds to purchase new mining equipment for expansion in the Nordic countries and the United States.
The news follows last month’s announcement in which the mining company announced it had acquired 10,000 bitcoin mining rigs from Canaan, following an initial transaction made between the two companies in April. The GDA also wants to achieve an output of more than one gigawatt by 2023 as part of its growth plans. It had a hashrate of 2.6 EH / s this month and is now hoping to add another 5.5 EH / s next year.
Genesis Digital Assets has mined over $ 1 billion worth of Bitcoin since its inception, becoming one of the largest miners in the world in the process. Kingsway Capital CEO Manuel Stotz recognized the potential of Bitcoin as an emerging technology. He stated that working with GDA put Kingsway Capital in a unique position to work with a company that has years of experience in crypto mining.
Stotz, who joined the board of GDA after this funding round, also stated that Bitcoin would make a massive contribution to financial inclusion in the future.
In other funding news, crypto rewards firm Lolli sent out a press release yesterday revealing that it raised $ 10 million in a recent funding round, bringing the total amount raised to over $ 20 million . The round was led by Acrew Capital, who stated that Lolli was in an excellent position to fuel the adoption of Bitcoin.
Other investors in the round included Banana Capital and Animal Capital, which also included public figures such as Logan Paul, Baron Davis and Chantel Jeffries. Enthusiastic about the support, Alex Adelman, CEO of the company founded in 2018, assured that the funding would go a long way towards improving Bitcoin’s accessibility.
“We are thrilled to have the support of so many incredible investors and co-entrepreneurs who believe in our mission to make Bitcoin more accessible to all,” he explained.
The company intends to use the new capital to increase headcount, forge new partnerships and expand its recently launched mobile app.