HashMix, a Singaporean hashrate tokenisation company, has raised US$3 million in a new funding round.

Backers in the round are HashKey Capital, Kenetic Capital, GBV Capital, FBG Capital, LongHash Ventures, Continue Capital, SevenX Ventures, and Fenbushi Capital, among others.

The fresh capital will be used for protocol development, marketing, and talent enhancement.

The crypto mining industry has been plagued by centralisation and illiquidity. Although cloud mining allows investors without expensive hardware to mine cryptocurrencies and the emergent hashrate tokens provide liquidity for Bitcoin mining, they are only solving a piece of the puzzle

HashMix, founded in September 2020, aims to further democratise and activate the mining economy by introducing a decentralised universal marketplace for various mining capacities using the non-fungible token (NFT) technology.

HashMix’s tokenisation protocol can convert the mining power for any Proof of Work (PoW) blockchains like Bitcoin or Ethereum hashrate, or storage mining power in the Filecoin network, to NFTs tied to hardware, with the benefit of traceability, tradability and transparency.

Also Read: Joseph Phua’s Turn Capital acquires Dapp Pocket to create SEA-focused retail crypto exchange

This prevents the risks of overselling and fraud and effectively bridges different computing powers.

Coupled with a set of protocols for trading, swapping and lending, HashMix enables miners and Defi participants to buy and sell hash power seamlessly and access numerous financial options such as staking and liquidity mining.

The HashMix ecosystem is supported and incentivised via HashMix’s native token HSM. The team plans to roll out its first mining power NFT next month.

According to a report by Global Market Insights, the market valuation for cryptocurrency will cross US$1.8 billion by 2027.

With the recent rise in popularity of decentralised finance and the emergence of smart contracts, experts anticipate the market to grow further at an exponential rate.

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Image Credit:Bermix Studio

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