21 Inc released new details today confirming that its market strategy will focus on distributing bitcoin mining chips embedded in consumer and enterprise hardware devices.
The formal announcement comes soon after a CoinDesk exposé that first revealed the startup’s ambitions to use such products to promote the use of bitcoin for micropayments and as a means of mass consumer onboarding to the bitcoin network. When compared to a company overview created last fall, the latest release illustrates how the secretive San Francisco-based startup has since evolved its strategy even if its core mission remains largely unchanged.
For example, writing in a blog post on Medium newly-appointed CEO Balaji Srinivasan discussed how such a strategy would enable bitcoin to be used for device authentication and to subsidize the distribution of consumer smartphones to the developing world.
Still, the extent to which 21 Inc has gone to build a complete support system around its key product was confirmed when Srinivasan wrote:
“Our team … has built not just a chip, but a full technology stack around the chip — including reference devices, datasheets, a cloud backend, and software protocols.”
As with past communications from the company, the timing of