360 Blockchain Inc (CSE:CODE, OTCMKTS:BKLLF) has increased its investment in SV CryptoLab, a cryptocurrency social space and mining facility.
Based in Silicon Valley, the subsidiary operates as a public space for blockchain and cryptocurrency enthusiasts during the day, hosting activities like hackathons and crypto hedging programming contests. After hours, the facility is used to mine Bitcoin and other cryptocurrencies.
READ: 360 Blockchain says Hackathon will develop crypto hedging program
“Under the leadership of Jim Cerna, director of the SV Lab, we have seen strong advancement on the business model to date, which has given us the confidence to increase our ownership position,” said 360 Blockchain CEO George Tsafalas.
Its Vancouver-based parent company increased its ownership to 80% from 60%, buying a total of 1.6 million shares for a total of US$37,500.
SV CryptoLab uses a proprietary evaluation algorithm to determine the best cloud-mining contracts.
“Our model is adaptive and is being deployed in such a way that we foresee tremendous upside with the company’s own crypto-mining activities and very importantly, proprietary offerings being developed for other companies involved in mining operations,” said SV Cryptolab CEO Jim. Cerna.
Shares of 360 Blockchain were up more than 10% in early Monday trading to US$0.09.