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.
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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[2].
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 Bitcoin Magazine.
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 Bitcoin Magazine, 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.[3] When Bitcoin Magazine asked if this private funding changes the prospect of an IPO, Mercurio responded with
