Blockmetrix secures $25M in debt financing from BankProv and CrossTower
Bitcoin mining startup Blockmetrix partners with BankProv and CrossTower to finance over $25 million in digital asset mining rigs
DALLAS, April 27, 2022 - Blockmetrix, a fast-growing US Bitcoin mining company, announces its partnership with BankProv, a leading crypto-friendly commercial bank, and CrossTower, one of only six AA-grade cryptocurrency exchanges in the world. The partnership will supply Blockmetrix with a newly raised $20 million debt facility to purchase digital asset mining rigs. This is an upgrade from an initial $5 million USD financing deal in December 2021, rounding out a total of $25 million.
The current hashrate of Bitcoin hovers around 200 million terahashes per second on average – an over 200% increase from when Blockmetrix was incorporated in May 2021. This increase in global computer power on the Bitcoin network demonstrates the continued viability of Bitcoin mining. The company anticipates a hash rate in excess of 1EH by the end of the 2022
The growing partnership between Blockmetrix, BankProv, and CrossTower will be a driving force in the future of Bitcoin mining and cryptocurrency. Furthermore, the partnership will bolster Blockmetrix’s two-year growth mission to build and scale a process-efficient digital asset mining company. This mission is backed by asset-light business operations and a specialized management team with experience in taking companies to exit.
“We are pleased to provide the needed debt capital to Blockmetrix, a growing leader in the digital asset mining space, to assist with the expansion of their rapidly growing mining operations,” said Dave Mansfield, BankProv CEO.
BankProv provides debt capital solutions to Bitcoin miners and other crypto-native companies through unique financing solutions. These facilities allow their partners access to traditional forms of capital, which helps them scale operations.
“We are thrilled to have the leaders in crypto-mining lending and cryptocurrency exchanges joining us to further our mission to scale our asset-lite operations with speed and bringing tangible results to our investors in a timely manner,” said Blockmetrix CEO, Nevin Bannister. “Deciding to partner with BankProv and CrossTower was a clear win-win situation for all parties involved, and we strive to honor this partnership for years to come.”
CrossTower’s mining offerings help individuals and institutions start or grow their digital asset mining operations while mitigating risk with cutting-edge solutions.
“The mining industry is seeing rapid growth, and demand for solutions is increasing alongside it,” said Kristin Boggiano, President & Co-Founder at CrossTower. “We are excited to partner with Blockmetrix, which shows great potential in the digital asset mining space. With this deal, the CrossTower team will continue working with Blockmetrix to increase their operations via the partnership with BankProv. The partnership will expand both CrossTower’s and BankProv’s capabilities as leading providers of those solutions.”
To learn more about Blockmetrix, visit https://www.blockmetrix.com.
About Blockmetrix
In 2015, Co-Founder and CEO Nevin Bannister had the foresight to investigate crypto and invest in blockchain technologies, exchanges, and currencies. His enthusiasm for crypto blossomed in 2021, when he and his trusted business colleagues founded Blockmetrix, with a mission to create the fastest growing asset-lite digital asset mining company in the world. The Blockmetrix executive team holds industry professionals that have founded many companies, exiting to the tune of $5B from various sectors including venture capital, legal, energy, logistics, and blockchain. With a seasoned leadership team maintaining strong track records in starting, managing, and scaling companies, and taking them to exit, Blockmetrix poised to be the next leader in the crypto mining industry through its experienced leadership and by developing highly coveted business relationships.
About BankProv
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
About CrossTower
Founded in 2019, with offices located in the US, Bermuda, and India, CrossTower, ranked fourth in the world by Cryptocompare, is a crypto exchange with capital market capabilities. CrossTower empowers smart money to push the limits of what is possible by providing the best-in-class services and products tailored to the needs of retail traders and institutions, including hedge funds, family offices, endowments, pensions, and other market participants. Leveraging its vast experience in trading, technology, operational infrastructure, innovative pricing, regulations, and compliance, CrossTower makes cryptocurrency and digital assets accessible to retail and sophisticated institutional market participants.
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