Bitfury Secures $80M in Private Funding Round

Cryptocurrency mining firm Bitfury Group has closed a Series C, $80 million funding round led by EU-based Korelya Capital. The round also included crypto merchant bank Galaxy Digital, Lian and Jabre Group, Dentsu Inc., Armat Group and others.

Bitfury is a diversified blockchain company known for its expertise in developing high-performance computing technologies, processing capabilities and advanced blockchain-based solutions for companies and governments, including the development of a blockchain-based land registry in Ukraine. The funding round will be used by the company to enrich its software and hardware development, as well as explore other technologies that are emerging alongside the blockchain.

“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 told BitcoinLinux.

Valery Vavilov, CEO and co-founder of Bitfury, said the success of the round was a reflection of the company’s achievements and its ability to meet the needs of “adjacent market segments in high-performance computing.”In correspondence with BitcoinLinux, 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.”

Bitfury made headlines last week when word broke out that the company may be considering going public. When BitcoinLinux asked if this private funding changes the prospect of an IPO, Mercurio responded with the following:

“Bitfury is continuously evaluating financing options to support its development strategy, and the IPO is one alternative. But no decision has been made and ultimately it will depend on a number of factors, including the capital markets environment.”

At a time when cryptocurrency miners are being criticized for the energy consumption required to secure public blockchains with high security requirements, Bitfury has made a commitment to using renewable energy. It has also created standard processes for reducing the consumption of energy in its data centers by using immersion cooling technology. In September 2018, Bitfury announced a bitcoin mining chip called the “Clarke” ASIC chip, which it claims offers the “strongest performance among bitcoin mining chips and is unparalleled in efficiency,” via a Medium post. The company also has plans to integrate Clarke into its range of existing mining products and on its mining farms across the world.

In addition to the Clarke chips, the company also launched its latest computing servers dubbed the Bitfury Tardis. Both the chip and the server will be included in the company’s product offering, the Bitfury BlockBox, per reports on its release.

Founded in 2011 and recognized as the largest, non-Chinese company that provides hardware for bitcoin mining, Bitfury is also known for pioneering the hybrid algorithm Flare on the Lightning Network, which ensures that payment routes can be found as quickly as possible.

This article originally appeared on BitcoinLinux.

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces Lawsuit

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces Lawsuit

In today’s edition of The Daily, we look at a successful funding round for a developer of a popular cryptocurrency-powered game. We also report on a famous early entrepreneur in the Bitcoin space who has been accused of stealing money to buy Maserati cars, big powerboats and luxury real estate.

Also Read: Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert

Google and Samsung Invest
in Crypto Kitties Developer

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces LawsuitDapper Labs — the developer behind Crypto Kitties, the game that famously clogged up the Ethereum network — has announced that it has raised $15 million in a financing round led by Venrock. The investment arms of Google and Samsung also participated, bringing the total funds raised by the Canadian company to $27.85 million. Additional investors in the round included Coin Fund, Animoca Brands, June Fund, HOF Capital, GBIC, John Pfeffer, and Matt Bellamy, the lead singer of the rock band Muse. Previous investors in Dapper Labs also participated, including Andreessen Horowitz, Union Square Ventures, SV Angel, Digital Currency Group, William Mougayar, Hex Capital, and Rising Tide Fund.

Dapper Labs will use the funds to expand both locally and globally, and has already revealed plans to establish a U.S. subsidiary. In addition, the investment will help the Vancouver-based company to accelerate the build-out of its technology.

“This round of financing was about getting the right partners around the table to bring compelling content to the blockchain — and make sure usability and infrastructure allow for adoption by mainstream consumers,” explained Roham Gharegozlou, CEO of Dapper Labs.

Charlie Shrem Accused of Stealing Funds

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces LawsuitCharlie Shrem, who is known for running the company Bitinstant during the early days of Bitcoin, has only been out of prison for a little over two years, but is already facing new legal issues again. Cameron and Tyler Winklevoss, the founders of the Gemini exchange, have accused Shrem of stealing about 5,000 BTC from them. The crypto-pioneer was hired by the two entrepreneurs in 2012 to acquire a large amount of coins.

The twins have also claimed that Shrem used the funds he allegedly stole to go on a recent luxury spending spree, which included purchases of two Maserati cars, two boats, and multiple homes. This was enough for a federal court to order the freezing of Shrem’s accounts on Coinbase and Xapo, which a private investigator hired by the Winklevoss twins linked to the allegedly stolen BTC.

“The lawsuit erroneously alleges that about six years ago Charlie essentially misappropriated thousands of Bitcoins,” Shrem’s lawyer Brian Klein told the New York Times. “Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name.”

Google CEO’s Son Is a Miner

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces LawsuitSundar Pichai, the CEO of Google, revealed at a recent conference that his son has been mining cryptocurrency on the family’s home computer. If this sounds familiar it’s because back in July, Google co-founder Sergey Brin said that he had started mining to improve his son’s knowledge of cryptocurrency. He then got hooked himself.

“Last week I was at dinner with my son, and I was talking about something about bitcoin, and my son clarified what I was talking about was Ethereum, which is slightly different. He’s 11 years old. And he told me he’s mining it,” Pichai said, as quoted by Business Insider. “I realized he understood Ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

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