Genesis Digital Assets, Lolli and Prime Trust raise new capital – Byron Review

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One of the world’s largest industrial-scale bitcoin mining operators, Genesis Digital Assets, has announced $ 125 million in funding to support its expansion plans. billion in the second quarter of this year, according to data from CB Insights

Today was another big day for venture capital and crypto firms as the industry saw even more funding for companies like Genesis Digital Assets, Lolli, Prime Trust, and Biconomy.

In general, the world of venture capital has accelerated its growth in the world of cryptocurrency. This week alone, Blockworks grossed around $ 700 million in funding and it’s not even Friday.

Here is an overview of the news:

Genesis Digital Assets raises $ 125 million to expand bitcoin mining

One of the world’s largest industrial-scale bitcoin mining operators, Genesis Digital Assets, has announced a $ 125 million funding round to support its expansion plans.

The funding comes from a UK-based private equity fund, Kingsway Capital, which focuses on emerging markets with more than $ 2 billion in assets under management, he said.

The company has been around since 2013, just a few years after the crypto industry started. Since then, he has built over 20 industrial-scale mining farms and brought over 300,000 miners online. To date, he has mined over $ 1 billion worth of bitcoin.

“Bitcoin is going to be the most important technology for the financial inclusion of the world’s poor and unbanked and mining provides the security to make this possible,” said Manuel Stotz, CEO of Kingsway Capital.

The funding will be used to purchase equipment and build new data centers in the United States and the Nordic region, the company said.

The company plans to continue providing infrastructure to “fuel the open source monetary system revolution” while continuing to expand its mining operations, said Abdumalik Mirakhmedov, executive chairman and co-founder of Genesis Digital Assets.

In July, the company’s data center capacity exceeded 150 megawatts, bringing the total hashrate to over 2.6 exahash, or more than 2.6% of the global bitcoin mining hashrate. The company expects another 5.5 exahashs to be online over the next 12 months and by the end of 2023 it expects to reach a capacity of over 1 gigawatt.

Lolli closes $ 10million Series A round

Bitcoin Rewards Company Lolli Completed $ 10 Million Series A Funding Round Led by Acrew Capital.

“Acrew’s big bet on Lolli says two things: Bitcoin trading is booming and, as the original bitcoin rewards platform, Lolli has the best team to increase long-term adoption.” , said CTO and co-founder of Lolli Matt Senter.

The company was founded in 2018 to make “bitcoin accessible to everyone by offering bitcoin rewards to buyers on daily purchases,” he said. Earlier this year, Lolli raised $ 5 million in a pre-Series A funding round, Blockworks reported.

Recently, the company launched its mobile shopping app, which allows users to earn bitcoin when shopping at more than 1,000 retailers, including Microsoft, Kroger and Booking.com. To date, users have earned more than $ 3.5 million in bitcoin rewards, the company said.

Other investors include Banana Capital, Up North Management and Animal Capital, the Gen Z-focused venture capital fund founded by social media stars Josh Richards, Griffin Johnson and Noah Beck.

The funding round includes investments from influencers and independent entrepreneurs, including YouTuber Logan Paul, Chantel Jeffries, Lauren Riihimaki of LaurDIY, Kenny Beecham and Baron Davis. Early investors Seven Seven Six, 3K VC, Gabriel Leydon and Forerunner Ventures also contributed to the increase.

The funding will help with the company’s international expansion, hiring, partnerships and the development of the recent mobile app, the company said.

“Lolli is paving the way for the integration of Bitcoin and its access to the general public. I am excited to invest and help fuel the growth of a business that empowers users to earn and learn about this new asset class, ”said Paul.

While many TikTok and Internet stars contributed to the round, Lolli CEO and Co-Founder Alex Adelman said, “We are thrilled with the support of so many amazing investors and fellow entrepreneurs who believe in our business. mission to make bitcoin more accessible for everyone. . We believe it is imperative to align with the best creators to both educate, distribute and amplify the power of bitcoin among the masses.

Financial infrastructure Prime Trust raises $ 64 million

Prime Trust, a financial infrastructure for FinTech innovators, has completed its $ 64 million Series A cycle led by Mercato Partners, coinciding with the company’s $ 100 million annual revenue surpass, the company said in a statement. communicated.

The round also included participation from Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures.

While the company isn’t a crypto-based institution, it powers crypto exchanges, non-fungible token makers, digital wallets, and more. He plans to use the funding to expand further into the crypto space.

“The funding will be used to add systems and personnel that are working to expand the company’s B2B market share in crypto, including digital asset exchanges, banks, retailers, corporate offices, OTC, tokenized assets and portfolios, and in crowdfunding, including brokers. , crowdfunding portals and real estate trustees, ”he said.

Booming capital

The cryptocurrency market has seen a huge increase in fundraising, with blockchain startups raising a record $ 4.38 billion in the second quarter of this year, according to data from CB Insights.

Additionally, the global FinTech industry saw 88 rounds of transactions worth more than $ 100 million, up from 60 rounds in the first quarter of the year, the data showed. While not all of the deals noted in the report have focused on cryptocurrency, the money and the news speak for themselves, as announcements pile up almost daily regarding new rounds of funding in the world. crypto space.

This week, Blockworks announced that digital asset platform Fireblocks has raised a whopping $ 310 million in Series D funding, further enhancing its unicorn status, while Eco, Saber Labs, Hedgehog Markets, Valora and Biconomy also announced remarkable fundraising for their respective companies.

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