Market Analysis Report (23 Sep 2021)

Genesis Digital Assets, one of the world’s largest and most experienced Bitcoin mining companies, has secured $431 million in funding to expand its mining operations in the United States and the Nordics. 

Genesis Digital’s latest funding round was led by Paradigm, one of the largest crypto investment companies that has previously backed the likes of Coinbase and FTX. The co-founder of Paradigm, Matt Huang, also joined Genesis Digital’s board of directors, according to an announcement by the firm on Tuesday. 

The funding round also included the likes of $11 billion asset manager Stone Ridge, as well as its Bitcoin subsidiary NYDIG. Several venture capital firms and investment management firms were also involved, such as Ribbit, Electric Capital, Skybridge Capital, Kingsway Capital, and FTX crypto exchange

Genesis Digital noted that the new funds will help the company continue to expand its operations and reach its goal of attaining a 1.4 gigawatts mining capacity by 2023. “The capital raised from this round will be used to expand our Bitcoin mining operations in locations where clean energy is easily accessible,” said Genesis Digital CEO and co-founder Marco Streng.

Source: https://www.cryptocompare.com/email-updates/daily/2021/sep/23/