As part of the deal, Argo will invest
$100,000 USD into Luxor. Luxor intends to use the capital to make several key
engineering hires to strengthen the development of its hashrate management
platform. Luxor, which supports over 28,000 miners globally, has mined over
$45m USD in cryptocurrency since inception. With this seed funding round, Luxor
will further build out its proof-of-work software infrastructure.
Proprietary technology developed by Luxor
has the potential to supercharge returns for miners. Luxor’s Switch software
product is a profit-switching algorithm that maximizes earnings by switching
between blockchains and venues to maximize hashrate rewards. Luxor launched the
product for the Equihash algorithm in mid-2020 and is planning the full launch
of a SHA-256 best-price execution algorithm in 2021. Argo has been using
Luxor’s profit-switching platform for the company’s Equihash hashrate since it
was launched in 2020.
Peter Wall, Chief Executive of Argo
Blockchain, said: “We are delighted to be a maiden investor in Luxor as it
builds innovative and efficient services for cryptocurrency mining and hashrate
products. Our investment reinforces Argo’s commitment to be at the forefront of
technological advances in our sector.”
Ethan Vera, Co-Founder and CFO of Luxor,
said: “Our team is thrilled to have Argo as an investor in this round. Our
focus is on building valuable products for miners and having one of the
best-in-class miners co-lead our round is validation that our strategy is
working. We are excited to fundamentally change the way in which hashrate is
traded.”
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