SG hashrate tokenization firm Hashmix bags $3m funding

Singapore-based HashMix, a hashrate tokenization and marketplace protocol, is boosting its protocol development, marketing, and talent pool after raising $3 million in a new funding round.

In an announcement, the startup said the funding round was participated by a host of investors, including HashKey Capital, Fenbushi Capital, Continue Capital, GBV, SevenX Ventures, Kenetic Capital, FBG Capital, LongHash Ventures, Morningstar Ventures, A&T Capital, Qtum, among others.

Founded in September 2020, HashMix seeks to further democratize, and activate the mining economy by introducing the world’s first decentralized universal marketplace for various mining capacities using the non-fungible token (NFT) technology.

The launch of the startup comes as the crypto mining industry has been plagued by centralization 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,” the startup said.

HashMix’s tokenization protocol can convert mining power for any PoW blockchains, be it Bitcoin or Ethereum hashrate, or storage mining power in the Filecoin network, to NFTs tied to real-world hardware, with the benefit of traceability, tradability, and transparency.

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 everyone, from miners to hashrate investors to DeFi participants, to buy and sell hash power seamlessly and access numerous financial options such as staking and liquidity mining.

The fresh capital will be used for protocol development, marketing, and talent enhancement. The team also plans to roll out its first mining power NFT in June.

Commenting on the latest fundraising, GBV co-founder and partner Lesli Tam said hashrate tokenization has been “a very exciting area” of the blockchain markets in 2021, and GBV has been following the developments closely.

“HashMix has extensive relationships with miners and distributors, along with an experienced management team. We are excited to be working with them to develop the next generation of Hashpower finance and scale the industry as a whole,” said Tam.