Million Dollars Rained on Two Cryptocurrency Companies! –

The cryptocurrency firm has raised millions for Bitcoin mining, as well as millions in metaverse educational software used by Nike and Carlsberg.

Virtual reality training company raises $18 million

Gemba, a software developer that provides virtual reality training to companies, has raised $18 million in a Series A round led by Parkway Venture Capital. The new funds will spur growth in EMEA and expansion in North America, according to a company statement.

The company, whose clients include Nike, Carlsberg and AstraZeneca, delivers live, ‘lifelike’ educational experiences through VR headsets. The company told TechCrunch that the technology is currently only compatible with Meta’s Quest VR headset, but plans to expand to other popular devices.

Currently, it’s a costly affair to demonstrate a masterclass through Gemba, with classes starting at around $7,250 per program. Enterprise subscriptions start at $120,000 per year for a 50-person team and can consume around $1.2 million on a larger scale.

A number of funds have been created over the past year to support this type of technology, including global bank HSBC, investment management firm Invesco, chip maker Qualcomm and Animoca Brands. While Facebook’s parent company Meta tried to justify its audacious play in AR and VR tech, educational initiatives like Gemba’s made a plea for VR, which has a useful application in the workplace, including online lectures and VR meetings.

Cryptocurrency firm raises millions for Bitcoin mining

According to a press release on Jan. 24, crypto infrastructure firm Blockstream has raised $125 million in convertible notes and secured loan financing. Raising $210 million at a valuation of $3.2 billion in August 2022, the company said the proceeds will be used to expand its mining facilities to meet high demand for large-scale hosting services.

Venture capital firm Kingsway Capital spearheaded the convertible rating upgrade with Fulgur Ventures, which participated in the round. Cohen & Cohen Capital Markets, JVB Financial Group recommends Blockstream.

Big Investment: Millions Rained Into Two Cryptocurrency Companies!

Blockstream will be able to expand mining capacity for enterprise hosting customers due to funding. Compared to so-called prop miners, this was a segment that remained resistant to Bitcoin price volatility. Erik Svenson, President and Chief Financial Officer of Blockstream, said:

“We remain focused on reducing risk for enterprise Bitcoin miners and enabling enterprise users to create high-value use cases.”

Founded in 2014, Blockstream focused on building infrastructure and applications based on the Bitcoin (BTC) network. Additionally, the company aimed to expand its renewable energy mining products while continuing to develop its own Bitcoin mining machine.

Mining industry under pressure

A protracted crypto bear market, shattered by several high-profile bankruptcies that resulted in the collapse of FTX, put significant pressure on the mining community.

Due to falling revenues, Bitcoin mining giant Core Scientific declared Chapter 11 bankruptcy in December last year. Another mining group, Greenidge Generation, also escaped bankruptcy thanks to a $74 million lifeline from the New York Digital Investment Group.

Big Investment: Millions Rained Into Two Cryptocurrency Companies!

The bad period for Bitcoin miners may well have passed towards the end of 2022 as the hash rate stabilizes and profit margins gradually increase. However, the mining industry has come under pressure, especially for small and medium-sized miners with breakeven prices above 25,000 BTC. As we mentioned, BTC is instantly traded at $ 22,623.

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