Jack Dorsey has led a seed funding round of $6.2 million for Mummolin Inc., which aims to build OCEAN, a decentralized Bitcoin (BTC) mining pool.
The funding round had participation from a number of Bitcoin-focused venture investors, including Barefoot Bitcoin Fund, NewLayer Capital, Bitcoin Opportunity Fund, Accomplice, and MoonKite, along with other strategic partners.
According to the official release, the seed funding will first support the launch of OCEAN and Mumolin’s other upcoming decentralized projects.
Dorsey said that the contribution to OCEAN has come out in accordance with their mission. “OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear,” he said.
Traditional Bitcoin mining pools follow more of a centralized structure, taking full custody of mining rewards and transaction fees before sharing them with participants. It also gives pool operators the ability to withhold payments.
“OCEAN is a new type of pool that enables miners to be truly miners again,” said Luke Dashjr, a Bitcoin Core developer and co-founder at Mummolin. “We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin.”
Jack Dorsey has been a well-known Bitcoin advocate for a long time, having made several investments in crypto projects specifically involving Bitcoin applications.
“When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it,” Dorsey said.