The round was led by Jack Dorsey, along with firms Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund. The Mummolin team announced that it intends to use the funds to support the launch of the OCEAN bitcoin decentralization project.
The OCEAN project, authored by Luke Dashjr and Mark Artymko, aims to address the centralization of mining pools, which can pose a security risk to the BTC network and miners. The role of mining pools must change for BTC to exist as a truly decentralized currency, Dashjr said:
“OCEAN is a new type of pool that allows miners to become real miners again.”
Dorsey-funded nonprofit ₿trust recently acquired Qala, an African company that trains Bitcoin developers. Dorsey said he’s going to commit $5 million to support the first cryptocurrency’s ecosystem. The funds will be donated to the non-profit organization Brink