Crypto Mining Service, Titan, Receives Investment Funds From Coinbase Ventures
The developer of Bitcoin mining software and services Titan has announced a strategic investment fund from Coinbase Ventures. The investment fund was made during Titan’s seed fundraising round.
The investment will allow Titan to expand its offerings, which enable Bitcoin mining firms to achieve growth, profitability, efficiency, and sustenance.
Titan’s Expansion Goals Continue
Titan has been very active in the market lately. Last month, the company announced a partnership with North American mining leaders CoreScientific and CoinMint. The partnership is part of the agreement to become members of the Titan Pool. It is designed to help miners in the cryptocurrency industry meet opportunities and deal with challenges that may come in the future.
The Titan Pool is currently undergoing a high-volume test, as the firm is planning to launch its closed beta this month. Co-founder and chief executive officer of Titan Ryan Condron have commented on the development.
“The investment from Coinbase Ventures serves as a powerful endorsement of the Titan team, roadmap and vision,”
He added that the mining industry had advanced a lot, as it started from being a hobby to becoming an industry. Now, it’s a critical global computing infrastructure. Condron also reiterated that Titan is now equipped to help top miners in the world to overcome their challenges.
Titan says it makes mining less complicated, scalable, and profitable using its advanced mining management software. The company was launched in September 2018 by Matthew Roszak, Jeff Garzik, and Ryan Condron.
Coinbase Prepares for IPO
In another development, Coinbase is certainly one of the most popular cryptocurrency exchanges in the U.S, as the cryptocurrency exchange is highly profitable. However, despite its popularity, the company isn’t a publicly listed exchange and doesn’t make its financial figures available to the public.
This may come as a surprise to many, considering the popularity of the exchange. This may change as the company is preparing for an IPO.
Most of the company’s profits are from trading fees from Bitcoin and other crypto assets. The company filed an S-1 form intending to launch an IPO with the U.S. Securities and Exchange Commission (SEC) on December 22.
The firm has been involved in several projects and partnerships. It has also invested in a lot of startups to expand its portfolio and encourage more cryptocurrency adoption.
The investment with crypto mining pool Titan is another strong indication of where the exchange’s goals lie. While it has invested in several projects, the firm also received funds from top investment firms like Andreessen Horowitz and Tiger Global Management.
This is not the first mining investment of Coinbase. In 2018, the exchange also invested in mining hardware startup Coinmine.
The Titan investment will help the crypto mining pool complete its beta testing phase, which is expected to end in February. Mining giant Core Scientific is among the clients currently testing the pool.