Bitfury has officially partnered with a Switzerland-based investment firm. This partnership will make bitcoin mining fund available to institutional investors.
Blockchain tech giant Bitfury disclosed this on Twitter on 24 April. Relating the information to their followers on their twitter page, the Bitfury Group said,
Our partner @FinalFrontierio launched a fully regulated bitcoin mining fund today after receiving approval from a European financial regulator – another big step forward for #bitcoin’s institutional adoption! https://t.co/tTsZs9p66u
— The Bitfury Group (@BitfuryGroup) April 24, 2019
Bitfury builds different software which is related to blockchain and also provides mining services. The company has come out to say that Final Frontier is a company where they have a minority stake. Besides, they also noted that the EU regulator had approved its institutional fund from Liechtenstein.
Speaking to Reuters, Imraan Moola, Final Frontier’s co-founder said,
With the bitcoin (BTC) price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in bitcoin mining.
Bitfury, a billion dollar company
Forbes earlier this month included Bitfury on their list of top 50 companies worth $1 billion or more making use of blockchain globally. Towards the end of last year, the company was able to raise $80 million from investors. One of such investors was the merchant bank funded by billionaire Mike Novogratz, Fortress Investor Group’s former macro hedge fund manager. It was the fund that took them across the $1 billion benchmarks.
Funds designed mainly to help institutional investors
Bitfury describes its design as what will be of immense benefits to the emerging sector. The fund will center mainly on institutions. It will allow significant investors entrance to bitcoin’s mining world.
Bitfury is going to provide the hardware which the project needs. They will also source power from the different mining centers the company has. Using their power source will minimize the cost of mining.
Some countries still crackdown on mining
This approval comes as a welcome development especially now that the crypto market is going green. Particularly noteworthy is the fact that this approval comes at a time when some countries such as China are cracking down on mining of cryptocurrency.
However, the companies did not reveal to the public the amount of fund which Final Frontier has created for professional and institutional investors.
Do you think this fund will make bitcoin mining cheaper in the long run?
Quiz: Blockchain and Crypto Adoption
Report: European Entities Shut Down Bestmixer.io’s Crypto Mixing Services
Binance CEO Files a Lawsuit Against Sequoia Seeking Monetary Compensation
News4 days ago
Facebook Ventures into Switzerland to Create a FinTech Firm Centered on Payments
News4 days ago
Bitconnect 2.0 Set to Revive the Biggest Crypto Ponzi Scheme in July
News3 days ago
Zimbabwe Stock Exchange Ready to Adopt the Blockchain, But Needs Regulatory Certainty
News1 day ago
Maltese Prime Minister: Malta will Support Blockchain and AI Going Forward