According to The Block, Block Green, a liquidity DeFi protocol for Bitcoin mining, completed a $3.7 million seed round of financing, led by Peter Thiel's Founders Fund, with participation from Coinbase Ventures, Blizzard and Dao5. The company, which will use the funds to further develop the protocol and build out its team, is currently hiring Patrick Guerriero, current director of miners finance at cryptocurrency lender BlockFi. Block Green, co-founded by founder Sebastien Hess and former Mastercard executive Bastian Becker last December, was initially built on top of Bitcoin Core, with plans to move to other chains later. Block Green allows bitcoin miners to borrow hash power as collateral, and bitcoin holders can lend assets and earn income from the bitcoin produced by these miners.