Bitcoin mining protocol Prosper bags token funding from BIT Mining

Decentralized protocol Prosper secures investment from BIT Mining as it expands its solution to include institutional-level Bitcoin mining and liquidity farming.

Prosper, a decentralized protocol that connects Bitcoin (BTC) mining to the blockchain by providing hashrate-backed tokens representing live Bitcoin mining power, announced a strategic investment in BIT Mining’s native token, PROS. In a Nov. 14 blog announcement, Prosper said the investment represented “another important validation” of his thesis by institutional backers.

“This investment strengthens the credibility and viability of Prosper’s new strategic vision,” the investment vehicle said.

The size of the deal was not disclosed. The latest funding comes just a week after Prosper also received an undisclosed “key investment” from Waterdrip Capital, a venture capital firm founded by Chinese blockchain-focused entrepreneurs. At that time, Waterdrip also invested in Prosper’s PROS token. Following BIT Mining’s financing, the PROS price increased by 7% to $0.52.

Founded in 2021, Prosper is a decentralized protocol that leverages Bitcoin hashrate to unlock the full potential of the network by bridging enterprise-grade mining power on-chain. The protocol allows PROS token holders to earn passive income through “limited time” staking reward campaigns.

Going forward, to be eligible, PROS holders will be required to participate in protocol governance by voting at least once every three months on BNB Chain (formerly Binance Smart Chain) or Ethereum.