Block CEO Jack Dorsey Heads $6.2M Investment Round In Decentralized Bitcoin Mining Pool
Portfolio Pulse from Benzinga Neuro
Block Inc. CEO Jack Dorsey led a $6.2M seed funding round for Mummolin, Inc., a company focused on decentralizing Bitcoin mining with its OCEAN initiative. OCEAN aims to address centralization concerns in Bitcoin mining pools by offering a transparent, non-custodial platform that allows miners to receive block rewards directly. The investment round included other participants such as Accomplice and NewLayer Capital. OCEAN's development will continue with further decentralization enhancements planned for 2024.
November 29, 2023 | 4:58 am
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Block Inc. CEO Jack Dorsey's involvement in leading a seed funding round for a Bitcoin mining decentralization project may positively influence investor perception, potentially impacting Block Inc.'s stock in the short term.
Jack Dorsey's leadership in the investment round showcases Block Inc.'s commitment to cryptocurrency innovation, which could be viewed favorably by investors. The news ties directly to Block Inc.'s interests in the crypto space and may be seen as a strategic move to diversify and strengthen its position in the industry. However, the actual impact on the stock will depend on broader market perceptions of the potential of decentralized Bitcoin mining.
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