Jack Dorsey’s Block Leads $2M Fund for African Bitcoin Mining Company

Lavina Daryanani
Source: The Indian Express

On one hand, companies are bearing the brunt of the after-effects of FTX’s collapse. To stay afloat, a host of measures like laying off staff to cut down costs are in play. On the other, companies with a steady foot, like Goldman Sachs, are looking to pour in money into the space.

The choppy macro state of affairs has not stopped companies from branching out and expanding. On Tuesday, African Bitcoin Mining Company Gridless announced that it secured $2 million from a seed investment funding round. The same was led by Stillmark and Block, Inc. This comes in addition to an angel round led by Factor[e].

The investment will be used to support the company’s plans for expansion of Bitcoin mines across African markets. Commenting on the latest development, Erik Hersman, CEO of Gridless, said,

“Africa needs affordable electricity. Our work in supporting renewable energy mini grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”

Hersman added,

“While bitcoin mining has been dominant in North America, Europe and Asia, Africa presents a great opportunity to further diversify mining across the globe, helping to better secure the network.”

Also Read: Goldman Sachs To Allocate Funds, Invest in Crypto Companies

The Sustainability Tangent

Thomas Templeton, Lead for Bitcoin Mining and Wallet at Jack Dorsey’s Block, said that Gridless represented a “close strategic alignment” with the company’s vision of “ensuring the Bitcoin network increasingly leverages clean energy.” Templeton further stressed that Block was “keenly focussed” on helping to accelerate global renewable hashrate. He added,

“This work can support positive community externalities while also helping to secure the distributed infrastructure behind bitcoin’s monetary ecosystem.”

In fact, Alyse Killeen, Managing Partner at Stillmark, also echoed the same narrative and said that the company was focused on investing in companies that were “helping to advance the Bitcoin ecosystem in ways that offer sustainable value and solutions to many.”

Also Read: Bitcoin Miners’ Sell-Pressure Most Aggressive in 7 Years