Block Inc, the fintech Co-Founded by Jack Dorsey, is looking to partner with crypto companies in Africa , according to Thomas Templeton, who heads the company’s Bitcoin Mining business and self custody wallet.
“Yes, we’re always looking for opportunities to partner. We know we can’t do it alone and we’re not going to build everything to that,” said Templeton.
Block Inc. is keen to partner with companies that decentralize mining whether that’s physical mining, other tools be it in hardware, or software.
On the software side, Block Inc. is keen to partner with companies providing on and off-ramps solutions to buy and sell bitcoin.
Block Inc. has already made some investments in Africa, most recently leading a $2 million seed round in Gridless, a bitcoin mining company helping to bring new energy generation to rural communities in Kenya.
The company is also reported to have an investment in Yellow Card Financial.
Speaking on bitcoin mining, the company is looking forward to more decentralized mining described as a critical resiliency for bitcoin. According to Thomas, Bitcoin mining is getting more and more concentrated and 50% of the global hash rate is controlled by 0.1% of the firms.
The investment in Gridless made sense for Block Inc. because they are doing exactly what the company says it want’s to do by bringing mining to more parts of the world. This is part of more work the company is doing, which is starting to build tools to make money more accessible, easier to use, and more reliable while lowering the costs.
“Africa is prime example of where Bitcoin mining can really thrive. Especially with all of the renewable resources and renewable energy, whether it is hydro, wind or solar. There’s lots of opportunity here to have renewable enabling mining.” said Thomas.
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