According to the latest reports, Luxor has successfully concluded a funding round. The firm has revealed that it was a Series A funding round that it carried out and was able to raise millions in the process. The firm revealed that the particular funding round it carried out was led by NYDIG and institutional Bitcoin technology. NYDIG is a famous financial services firm that is based in the United States.
Luxor has confirmed that it successfully concluded the funding round on Wednesday, June 9. As a result of the particular Series A funding round, it was able to generate $5 million.
Luxor has announced that it will be collaborating with NYDIG for the development of several products. According to the firm, the collaboration would be for the development of products based on hashrate. They will also be collaborating in order to launch ventures into the mining sector.
Luxor has revealed that it has also received the support of many firms from the cryptocurrency industry. On top of that, it has also received the support of many firms from the crypto-mining sector. Some of the major firms from the crypto-mining sector include Supplybit, Navier, DPO, Celsius Network, and Blockware Solutions.
Furthermore, other cryptocurrency firms that participated in the funding round included Routemaster, Hodl Capital, and Bitnomial, also considered as angel investors.
According to Luxor, by collaborating with NYDIG, it aims to grow the mining industry in the North American region. Luxor revealed that it is aiming to make a commodity out of the hashrate and for that, it is confident that NYDIG would prove a great help.
Apart from aiding Luxor with its efforts, NYDIG would also provide an investment facility for Bitcoin. Furthermore, NYDIG would also aim to offer different technological solutions to institutions, corporations, banks, and insurers.
At present, Luxor is prominently known for providing Switch, which is a software solution. Switch currently employs an algorithm that is used for profit-switching. The true purpose of the software is to keep switching between blockchains in order to maximize earnings.
Furthermore, the algorithmic design of Switch also lets the system capitalize with the help of venues acquiring the best rewards for the users.
With the passage of time, China is losing its prowess and control over the cryptocurrency mining sector. The reason behind the recent developments in China’s move to promote its digital yuan. Therefore, the country is now cracking down on the entire cryptocurrency industry within its jurisdictions.
As a result, cryptocurrency mining firms have started migrating to other areas, and North America is emerging as the best option for migration. Luxor is well aware of his fact, which is why it is working with NYDIG to fast-track its developments in the particular region.