Bitfury Group Acquires $80M – Blockchain technology provider and Cryptocurrency mining firm, Bitfury Group, announced on Tuesday that it has acquired $80 million in funding through a Series C funding round led by Korelya Capital, an EU-based venture capital firm backed by South Korean internet company, Naver Group.

The Institutional Investors

The round also included institutional investors Macquarie Capital and Dentsu Japan; EU-based fund managers Jabre, Argenthal, Lian Group, and Armat Group; insurance groups Foyer and MACSF; and Galaxy Digital, the crypto merchant bank operated and found by Michael Novogratz. ITech Capital, a venture capital firm that previously invested in Bitfury, also joined the private placement.

Bitfury is a diversified blockchain technology provider which is an expert in developing and providing high-performance computing technologies, processing capabilities and advanced blockchain-based solutions for companies and governments. The company is also involved in developing the blockchain-based land registry in Ukraine.

This funding round will bring advance software and hardware developments, as well as other technologies related to blockchain for the company

This private placement enables Bitfury to expand our existing areas of focus, including securing the Bitcoin Blockchain, as well as hardware and software development – and broaden our financial strategic options. It also enables us to concentrate on adjacents such as high-performance computing, including emerging technologies like artificial intelligence (AI),”

-CCO John Mercurio.

Expansion And Achievements

Bitfury Group Acquires $80M-Valery Vavilov, CEO and co-founder of Bitfury stated that the success of the funding round was due to the company’s achievements: “2018 has been a year of incredible expansion for Bitfury. This private placement reflects our achievements, and it recognizes our ability to address adjacent market segments in high-performance computing, including in emerging technologies like artificial intelligence,”.

In response to the funding round, Vavilov stated:

We are very pleased with our successful private placement, which enables us to expand our work designing ground-breaking blockchain solutions to governments, businesses, and institutions around the world. Strong support from the investor community also allows us to concentrate on adjacent businesses such as high-performance computing, including emerging technologies like artificial intelligence”

The institutionalization of blockchain and cryptocurrencies, partnered with the opportunity of these emerging technologies, is a natural expansion opportunity that Bitfury will build on — in 2019 and beyond.

Valery Vavilov, CEO and co-founder of Bitfury.

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