Decentralized finance (DeFi) startup Earnity has raised $15 million in a Series A round led by bitcoin mining company BitNile, bringing its total raised to $20 million. Earnity expects to launch its curated financial marketplace for tokens early next year.
Earnity said the platform will allow users to earn, learn about, collect and gift a variety of tokens and portfolios in a secure, community-oriented way.
Earnity was founded by Domenic Carosa, who also founded fiat-crypto payment processor Banxa Holdings and co-founded crypto-focused investment fund Apollo Capital.
Other participants in the round included institutional investors Thorney, which is an Australian Securities Exchange-listed company, and blockchain fund NGC Ventures.
As part of the leading investment, BitNile’s executive vice president of alternative investments, Christopher Wu, will join Earnity’s board of directors. The two companies will also form joint ventures to develop and co-promote non-fungible tokens (NFTs) and other DeFi products and protocols.
Ault Global Holdings, Inc., BitNile’s publicly-traded parent company, previously announced plans to split into two companies by spinning off the Ault Alliance business to its stockholders. The remaining BitNile business will provide bitcoin mining and data center operations and pursue DeFi-related initiatives.
“Earnity is a transformational investment for BitNile as it embarks on not only mining bitcoin, the foundation of the crypto revolution, but also on bringing the benefits of DeFi to individuals worldwide,” said Ault founder Milton Ault in a press release.