CHICAGO--(BUSINESS WIRE)--Titan, an innovator in the bitcoin mining ecosystem, announced today the successful completion of its $6 million private sale round for the Lumerin Protocol. Strategic partners include: Cadenza Ventures, Fundamental Labs, Outlier Ventures, Tribe Capital, Digital Finance Group, Caballeros Capital, and 11-11 DG Partners.
The Lumerin protocol allows Bitcoin hashrate to be a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital and investments.
Currently, mining pools are driven by cheap electricity, friendly regulations, taxes, and mature infrastructure. The Lumerin protocol supports the mining ecosystem in becoming more decentralized, and therefore more secure. Private sale purchases let cryptocurrency miners participate in global hashpower trading utilizing simple, smart contracts on a peer-to-peer, decentralized, trustless platform, effectively a DEX/DeFi for Bitcoin and POW crypto-hashpower.
In choosing Titan, the priority of these leading strategic partners was to focus and support not only on the overall marketplace potential but an experienced team with a uniquely solid and long-running history of cryptocurrency & mining innovation:
- Ryan Condron (co-founder and CEO) created the first customizable profit-switching mining pools, PoolWarz.
- Jeff Garzik (co-founder and advisor) created the first Bitcoin mining pool and has extensive, early expertise in Bitcoin.
- Jethro Grassie (Technical Advisor) developed a highly efficient mining pool used by large private mining firms.
"Titan is proud to have such a vote of confidence from these leaders in the mining community. As a result, we can now move forward with our vision to create a global marketplace for hashpower for Bitcoin & POW mining pools. This will help to relieve the current market pressures and allow anyone to truly harness the power of crypto," said Ryan Condron, CEO of Titan.
"We've seen over the years there has been consistent demand for purchasing hashrate products even if at an unreasonable profitability calculation. Because there is this customer base willing to pay more for the convenience of hassle-free hashrate procurement, this gives an avenue of greater potential profitability to miners.
"Companies, or individuals with a lower risk profile, will be able to buy/sell compute power, providing additional capital for the entire mining industry. And through financial derivatives/futures and services for lending, custody, OTC, and trading, the entire mining ecosystem can achieve higher growth in revenues and capital than ever before."
Titan provides powerful software and services for crypto mining at scale and now offers North America’s first enterprise-grade mining pool. The Lumerin Protocol is a peer-to-peer platform that enables data stream routing based on smart contract rules. Using the Lumerin Protocol, any asset that is delivered via a TCP/IP connection, can be combined with real-time Oracles to support the asset creator in maximizing buyer access across any number of multiple delivery channels. The Lumerin Protocol will make Bitcoin/POW hashrate a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital. Titan was founded in September 2018 by Ryan Condron, Jeff Garzik, and Matthew Roszak. For more information, please visit Titan.io or follow the company on Twitter.