Coinmine, an LA-based consumer crypto hardware and software company is pleased to announce a $2.5M Seed round of financing led by LA-based M13. The round also includes Republic Labs, Gumi Crypto, Canaan Beta and early Uber investor Shervin Pishevar.
Coinmine’s flagship device, the Coinmine One, is the only plug-n-play crypto device and is completely controlled from Coinmine’s iOS and Android mobile apps. “It’s the first plug-and-play consumer device that turns your electricity into Bitcoin. Anyone can set one up,” says Coinmine CEO and Co-founder, Farbood Nivi.
“Our customers love their Coinmines and this latest round of financing will help us accelerate our mission of getting more people to experience how easy it is to earn Bitcoin and other cryptocurrencies. By plugging in a Coinmine One, you help power the crypto revolution and earn crypto for doing it,” says Nivi.
With this new funding, Coinmine will also expand its engineering team to continue adding new features, as well as new cryptocurrencies to the Coinmine One’s operating system, MineOS. MineOS is the only plug-n-play way for users to get access to the newest tokens like Grin, which was available on launch day on the Coinmine One, but not available for purchase on exchanges. MineOS also includes the software to run the Bitcoin Lightning Network and a full Bitcoin Node which Coinmine will release in an upcoming update.
“Farbood is a serial entrepreneur whose passion for this business and the market at large is infectious,” says Latif Peracha, who led the investment for M13 and previously led Richard Branson’s family office, “At M13, we are focused on investing into new consumer behavior models and Coinmine’s product helps consumers realize new methods to generate assets and participate in this exciting new market.”