Stockholm-based KnC Miner, a bitcoin mining company, has made $110 million in sales since early 2013.
The startup makes specialised computers that create the crypto-currency, harnessing the demand for bitcoin to make $45 million in its first year. The company’s added growth so far this year has put KNCMiner in the rare camp of Bitcoin-related companies that have raised over $10 million in VC funds – Bitpay has made £32.5 Million in 3 rounds, Coinbase $31.7 Million in 3 rounds, and Xapo $60 Million in 2 rounds.
A new version of KnC’s mining machine brought out in April – capable of creating alternatives like Dogecoin – sold out in a month and generated $12 million.
The company has just raised a $14 million Series A investment led by Nordic VC firm Creandum. Selling a stake in the company might allow KnCMiner to raise the extra cash it needs to move from selling PC hardware to creating a cloud computing service – a service that allows customers to contract for hours of bitcoing mining on a subscription service.
The company is also offering a cloud bitcoin wallet service to manage transactions, and it has plans for other similar services.
“We are building the payment processor of the future. It’s a global marketplace now and we are on our way to be able to provide a wealth of new services. Also, we are already exploring a Series B because here at KnC we operate at Bitcoin speed,” says Sam Cole, KnCMiner co-founder.
Source – Business Insider
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.