CoinOne has raised $3 million in a Series A round led by the investment firm Bizwood Capital, the company announced on Tuesday.
The funding comes after CoinOne raised $10 million in funding in 2016, according to CoinDesk.
CoinOne is a cloud-mining service for the bitcoin protocol that aims to make it easier to mine and distribute the cryptocurrency.
Coin One has raised more than $15 million in venture capital.
The company was founded in 2011 and is a subsidiary of Coinbase, which CoinDesk previously identified as the largest bitcoin exchange and wallet provider.
CoinCoin’s chief executive, Dan Gomes, told CoinDesk in an interview on Tuesday that CoinOne will add another bitcoin mining service to its existing product, which includes mining rigs, storage, and distribution tools.
CoinCoins first product, CoinCoinBox, has been downloaded more than 20 million times, according Google Trends data.
Gomes said CoinCoin has a plan to “revolutionize the mining industry” by focusing on bitcoin mining hardware and the software that runs the mining process.
Coin Coin was founded by former Goldman Sachs executives Brian Kelly and James Gallippi, according a biography on the company’s website.
Coincoins founder and CEO Dan Goms said CoinCoINS aims to “create a platform that’s more open and easy for people to use, and for businesses to be able to connect directly to the miners,” according to a CoinDesk profile.
“The platform will be fully open, decentralized, and open to third parties.
We think it will be a game changer for mining, and a game-changer for mining companies,” Gomes told CoinCurrency in an email.
Coincoin is the first publicly traded bitcoin mining company to enter the market.
Coin, founded in 2012, was founded to “recreate the decentralized mining experience of the Bitcoin protocol,” according its website.
The founders “designed CoinCoin to be easy to use and extremely fast, so users can get started with their first bitcoin miner and enjoy the benefits of a high-powered, fast, and secure mining rig,” according the website.
“We are building the future of mining by providing a fast and secure way for miners to participate in the decentralized economy,” the founders said in a recent post.
“Coins core features include a decentralised platform, powerful miners, a cloud mining service, and easy to deploy software.”
Gomes added that the team is working on an additional mining service in the coming months.
Coin coin is a company that offers cloud mining services.
The bitcoin protocol is the backbone of digital currency and has been used by many bitcoin startups and businesses.
Coin also provides storage services and hardware services for bitcoin.