Lothal, the cryptocurrency startup accelerated by Neutron, with technology from Grupo Núcleo
Along with the launch of Lothal, startup accelerator Neutron also announced the inauguration of the first cryptocurrency mining farm installed in the Mar del Plata Technology District. The investment made in this first stage of the project was $45 million and the company is already projecting a second round of investment for $200 million.
The project accelerator Neutrón, based in Mar del Plata, presented Lothal Mining, a new startup aimed at venturing into different types of ventures related to cryptocurrencies. The startup, in addition to inaugurating its own mining company, seeks to advise and train investors, and offer solutions to those who have already ventured into this market.
Lothal’s goal is to generate solutions related to cryptocurrencies, taking advantage of the synergy with other projects of the accelerator, in addition to bringing to the public and also to the corporate environment the possibility of investing and adopting these digital currencies in their daily lives or in their businesses.
“We plan to provide services and solutions to banking, fintech and different actors that are gradually entering the crypto ecosystem, through other companies that Neutron is accelerating, as is the case of Andromeda, software factory with which a marketplace is being developed in which it will be possible to buy with cryptocurrencies,” said Lothal’s CEO.
Read more about Lothal and find the latest finance news with the Born2Invest mobile app.
Neutron has also presented Lothal Mining
“We are also working so that Grupo Núcleo transacts with cryptocurrencies and we aspire in the future to make our know-how and processing power available for our own protocol for a virtual currency based on the ICT environment of Mar del Plata,” explained Maximiliano González Kunz, CEO of Neutrón. “We also seek from this space to provide solutions to the cryptocurrency ecosystem and bring people closer to such an environment, through different activities. Since currently it is an unknown world for most of the public, we will conduct training, content generation, talks, webinars and organize visits to our lab, etc.”
“We are very excited to be Lothal’s technology partner. Once again, and in line with our business plan, we are prepared to offer the best technology, responding to the opportunity represented by this increasingly accepted payment instrument, which demands innovative solutions to continue evolving,” said Mauro Guerrero, CEO of Grupo Núcleo. “We will contribute all the hardware that this initiative requires, as well as our expertise and market knowledge. We are analyzing accepting cryptocurrencies in our transactions, studying all the regulations to comply with and necessary requirements,” he added.
Along with the launch of Lothal, startup accelerator Neutron also announced the inauguration of the first cryptocurrency mining farm installed in the Mar del Plata Technology District. “With this equipment, for example, we can make our processing power available to companies that enter the world of cryptocurrencies and need to transact those operations,” highlighted González Kunz.
“In its first stage, Lothal will mine Ethereum. This process is carried out with specialized equipment (Mining RIG), each of which contains GPUs (video boards or graphic cards) with high calculation capacity. In future instances of investment, ASICS will also be acquired for Bitcoin mining,” explained Ignacio Cano, CTO of Lothal.
The investment made in this first stage of the project was $45 million and the company is already projecting a second round of investment for $200 million. “These values include the cost of acquiring inputs, equipment assembly, space preparation, electrical infrastructure, refrigeration equipment, connectivity, security, racks, among others. The project will be integrated by partners with previous experience in the crypto, fintech and technology world. Each investment round will include new participants, as there is a lot of interest in the project and in cryptocurrencies”, informed Damián Miano, CFO of Lothal.
(Featured image by rebcenter-moscow via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in canalAR, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Bitcoin: Ordinals Attract Former Ethereum Developers
The Bitcoin community's acceptance of ordinal numbers is still the subject of debate, as seen during "The Great Ordinal Debate"...
Doorway and SeedBlink Sign a Partnership to Give More Investment Options to Investors
The agreement with SeedBlink is part of Doorway's international expansion process, which has already partnered with OurCrowd - a global...
Seeds for Sustainable Energy: Startups Awarded by Eni in Kenya
According to the latest report from the Kenya National Bureau of Statistics national government agency, the country gets 21.2 percent...
Debt Ceiling Wars Again: Will the US Fall into Recession
We found a special chart that clearly outlines how narrow this rally has been dominated as it has by the...
Why I Hate the 30-Year Mortgages
Since their highs of last October, mortgage rates have kept above 6%, but below 7%. It could be worse; mortgage...