Check-Raise: Bitfury Group Closes $80 Million in Private Placement
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Nov. 6, 2018
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Bitfury Group, an international technological blockchain company, has raised $80 million in a closed round from institutional and private investors, according to a press release.

The leading investor was the European venture capital fund Korelya Capital. The South Korean Internet giant Naver Group, Asian funds Macquarie Capital and Dentsu Inc., European investment company Armat Group, the heads of Jabre and Lian Group funds, investment company Argenthal Capital Partners, insurance group MACSF and Mike Novogratz’ cryptocurrency commercial bank Galaxy Digital took part in the round. The previous round’s participant, Eastern European Direct Investment Fund iTech Capital, also invested in Bitfury again.

European Investment Bank Bryan, Garnier & Co acted as a consultant to the private placement.

Valery Vavilov, the CEO and co-founder of Bitfury says that 2018 was a year of active growth for Bitfury. Successful closing of a round of investments was the best recognition of the effectiveness of the work they have done in various markets - in the field of artificial intelligence, blockchain and high-performance computing.

Enter The Institutional Investor: Crypto Market is Waiting

“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,” said Vavilov, co-founder and the head of Bitfury.

According to George Kikvadze, vice president of the company, investors have chosen Bitfury as an industry leader who will help the entire market move to a new stage. VP of the company is sure that with profits that are estimated at half a billion dollars, Bitfury has already become a leading B2B company in the sphere of blockchain solutions for corporations and government agencies.

Mike Novogratz, the founder and head of Galaxy Digital, whose cryptocurrency fund recently became the first client of the new Fidelity service, also commented on the investment round:

“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.”

According to him, all these qualities are crucial for the development of the Bitcoin ecosystem.

Bitfury will continue to develop key areas: software and hardware for government structures and corporations that have shown significant business results in 2018.

Bitfury Launches New Mining Hardware

The company has released the sixth generation of high-performance chips Bitfury Clarke ASIC, as well as the latest-generation Bitcoin server, Bitfury Tardis. Both products significantly improve the performance of Bitfury BlockBox miners.

The company also introduces the management of data centers on renewable energy sources and the use of immersion cooling - solutions that significantly reduce the use of electricity.

This year, Bitfury launched the Crystal project, an analytical blockchain platform for law enforcement and financial institutions, which provides detailed analytics for AML/KYC blockchain and cryptocurrency companies. In addition, the Bitfury development team is one of the largest in the world supporting the open-source project of the Lightning Network.

Crypto IPO Rush: Bitfury Going Public?

The company actively promotes the use of blockchain at the state level through the interaction with the World Economic Forum and the creation of international non-profit structures such as Global Blockchain Business Alliance (GBBC).

Recently, it became known that Bitfury, following Coinbase and Bitmain, is considering the possibility of an IPO.

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