Home News BitNile led financing round of DeFi startup Earnity for $15M

BitNile led financing round of DeFi startup Earnity for $15M

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Earnity decentralized finance (DeFi) startup has raised $15 million in a Series A funding round. The mining company BitNile, a subsidiary of Ault Global Holdings led the round. This brings the total amount raised to $20 million.

Thorney, a company registered on the Australian Stock Exchange, and NGC Ventures fund also participated in the round. Thus, BitNile’s Vice President of Alternative Investments Christopher Wu will join Earnity’s board of directors. Therefore, the companies will create joint ventures to develop non-fungible tokens (NFTs) and other products.

Domenic Carosa, founder of the Banxa Holdings payment system and co-founder of the Apollo Capital investment fund focused on cryptocurrencies founded Earnity. The platform aims at “democratizing access” to digital assets and plans to launch in early 2022.

An increase in BitNile’s capital

Earlier, the board of Ault Global Holdings approved an increase in BitNile’s capital by $140 million. The funds will go toward purchasing 16,000 ASIC devices.

After the expected increase in production capacity, the company expects to increase annual revenue after deducting electricity costs to $246 million. The indicator is at a difficulty level of 20 trillion hashes and a Bitcoin price of $60,000.

“The investment in BitNile and the planned expansion of the partnership with Bitmain are aiming at fulfilling our goal of becoming one of the ten largest public mining companies in the United States”. Commented Milton “Todd” Ault III, chairman of the Board of Directors of Ault Global Holdings.

Persistence startup behind the pSTAKE

Recall that previously in November, the Persistence startup behind the pSTAKE liquid staking solution raised $10 million. Three Arrows Capital, Sequoia Capital India, Galaxy Digital and Defiance Capital Invest led the round.

Coinbase Ventures, Tendermint Ventures, Alameda Research, Kraken Ventures, Sino Global Capital, Spartan Group, Stake.fish validators, Figment Fund, Everstake, Chorus One and Cosmostation, as well as some business angels, participated in the round.

pSTAKE allows you to “unlock” the liquidity of the tokens in the staking. In addition, holders can issue an appropriate number of ERC-20 standard coins. Moreover, they can be used in the Ethereum DeFi ecosystem to receive a staking reward and in other profitable yield farming cases.

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