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-grade Bitcoin mining and liquidity farming.

Prosper, a decentralized protocol bridging Bitcoin (BTC) mining to the blockchain by providing hashrate-backed tokens representing live Bitcoin mining power, has announced that BIT Mining has made a strategic investment in its native token, PROS. In a blog announcement on Nov. 14, Prosper said the investment represents “another significant validation” of its thesis by institutional backers.

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

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-aimed entrepreneurs. At the time, Waterdrip also invested in Prosper’s PROS token. Following BIT Mining’s funding, PROS price gained 7%, soaring 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 institutional-grade mining power on-chain. The protocol allows PROS token holders to earn passive income through “limited-duration” staking reward campaigns.

In the future, to be eligible, PROS holders would need to engage in protocol governance by casting at least one vote every three months, either on BNB Chain (formerly Binance Smart Chain) or Ethereum.