CleanSpark Borrows $35M
CleanSpark, a Bitcoin mining firm, is borrowing $35 million from Trinity Capital against its existing fleet of rigs in order to buy more mining hardware.
As of April 2022, the company manages 23000 BTC mining rigs and plans to add 12000 more by October 2022. The mining corporation has received $20 million in financing as of April 2022 and intends to borrow $15 million by the end of the calendar year. In March 2022, the company also announced plans to expand the energy capacity of its mining facility to 500 MegaWatts.
CleanSpark is not the only BTC-related company to use its crypto assets to acquire financing; MicroStrategy previously secured a loan of $135 million to buy more bitcoins with its existing holdings.
0x Labs Raises $70M
Decentralized exchange protocol developer, 0x Labs, has raised $70 million in April 2022 in its Series B funding round led by Greylock Ventures. Coinbase, Pantera, Open Sea, Reid Hoffman, and Jared Leto also participated.
The newly raised capital will be used to develop Matcha, a 0x token search engine, and to expand the service to other blockchains.
0x protocol enables peer-to-peer transfer of crypto assets and NFTs. It claims to have greater gas efficiency than other competing platforms, making transactions on the protocol more affordable.
The announcement of 0x’s collaboration with Coinbase in its upcoming NFT marketplace led to a 53% surge in its token (ZRX) price in April 2022. The protocol plans to become the default transaction facilitator protocol for such platforms.
MicroStrategy To Provide BTC Retirement Plans
On 26 April, 2022 Microstrategy CEO Michael Saylor announced that his company will offer its employees Bitcoin retirement plans.
The new plan will allow MicroStrategy’s employees to invest in the leading cryptocurrency as part of their 401 (k) account, a scheme that allows employees to defer a portion of their income towards their retirement. Saylor’s decision to offer Bitcoin-based retirement plans is motivated by Fidelity’s new digital assets account. The largest provider of 401 (k) savings accounts in the United States, Fidelity Investments, will now allow Americans to invest in cryptocurrencies such as Bitcoin.
Employees have been demanding a Bitcoin-based retirement plan for a long time. Saylor said that Bitcoin is digital property making it the perfect asset for a retirement plan.
MicroStrategy is a cloud and mobile software provider based in the United States. The company is also the largest publicly traded Bitcoin holding company globally. According to BitcoinTreasuries, Microstrategy’s BTC stash is worth nearly $5 billion as of April 2022.