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Bitfury Secures $80 Million Private Placement for Blockchain Advancement

Nov 7, 2018
by Justin Hughes

LONDON, UNITED KINGDOM — The Bitfury Group completed an $80 million USD private placement with global institutional and corporate investors.

The private placement was controlled by Korelya Capital, the European growth capital firm backed by Korean digital giant Naver group. The placement was joined by investors such as Macquarie Capital, Asian financial institution Dentsu Inc., European investment company Armat Group, European fund managers Jabre and Lian Group, special situations investment firm Argenthal Capital Partners, insurance group MACSF and Galaxy Digital, a specialized digital asset merchant bank led by Mike Novogratz. Bryan, Garnier & Co. advised the company on the private placement.

data center summitValery Vavilov, CEO and co-founder of Bitfury, said, “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 (AI). 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.”

An industry pioneer, Bitfury provides high-performance computing technologies and processing capabilities, and designs some of the most advanced software solutions for governments and corporations to deploy real-life blockchain solutions. In 2018, the company unveiled its sixth generation of chip design, the Bitfury Clarke ASIC, as well as a new series of high-performance computing servers, the Bitfury Tardis. Both products are significantly improving the performance of Bitfury’s unique offering, the Bitfury BlockBox, in a competitive market for transaction processing and high-performance computing hardware.

Antoine Dresch, co-founder and managing partner of Korelya Capital, said, “We are joining Bitfury as a lead investor at an incredibly exciting time for both the company and the blockchain ecosystem. Bitfury has grown from a small startup to the largest western blockchain unicorn, equipped with world-class leadership and expertise, consistently delivering innovative solutions across the entire blockchain ecosystem.”

Bitfury also unveiled Crystal Blockchain this year, a blockchain analytics platform for law enforcement and financial institutions that provides comprehensive analytics to support AML/KYC on blockchain and cryptocurrencies.

Mike Novogratz, CEO & Founder of Galaxy Digital, added, “We are excited to partner with Bitfury, a leading solutions provider in blockchain and Bitcoin. We are impressed with Bitfury’s unparalleled team, as well as the company’s vision, technical expertise and global reach, all of which are essential to advancing the underlying bitcoin ecosystem.”

About The Bitfury Group: The Bitfury Group is the world’s leading full-service blockchain technology company. Bitfury is building solutions for the future, with the most significant technologies of the millennium. Their mission is to make the world more transparent and trusted by innovating at every level of technology – hardware, security, and software – to put trust back into the equation. Founded in 2011, Bitfury is the leading security and infrastructure provider for the Bitcoin Blockchain. In addition to securing the Bitcoin Blockchain, Bitfury also designs and produces innovative hardware that keeps blockchains secure, including custom semiconductor chips and mobile data centers. Bitfury is also a software provider for the some of the world’s most cutting-edge applications through its private blockchain framework, Exonum, its advanced analytics platform Crystal Blockchain, and its specialized engineering team for the open-source Lightning Network, LightningPeach.

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