A leading BTC mining firm, Genesis Digital Assets, has finally raised around $431 million. These funds will be used by the company for the industrial-level mining project that they have planned in the Nordics and the United States.
When did this all start?
Initially, they were only able to obtain approximately $125 million during their equity funding stage. This was organized at the end of July 2021 by Kingsway Capital. On the contrary, for this new round, the event was conducted by Paradigm, which is known to be among the largest crypto investment agencies.
This company has also supported other leading names of the industry, like FTX and Coinbase. After this, the Co-Founder of Paradigm, Matt Huang, has become a part of the Board of Directors for Genesis Digital. This announcement was made on 21st September 2021.
However, Paradigm is not the only investor. Genesis Digital’s venture was able to catch the attention of Stone Ridge and their BTC subdivision- NYDIG. It also received support from other investment management and venture capital corporations like Skybridge, Ribbit, and FTX.
Kingsway Capital, with its $125 million funding, is also included in this list. Marco Streng, the Co-Founder and CEO of Genesis Digital, has approved that with this newly acquired financing they will be able to achieve their goals. The company has set its objective to attain a minimum capacity of 1.4 gigawatts in the next 2 years.
He further added that this capital will be employed for expanding their BTC mining operations to destinations that have quick access to clean energy sources. They have been working towards this goal and acquiring the hardware required to mine crypto at the required rate.
