As the companies see potential in Bitcoin ecosystem, they are investing as much as possible; the new name in the league is BitFury which confirms that it’s investing in some Bitcoin processing and Bitcoin wallet providers. The latest investment in BigGo according to the company is second in row this week.
The decision to invest in BigGo was made by BitFury Capital, the investment arm of Bitcoin mining infrastructure provider BitFury. Earlier, the same company had invested in an anonymous Bitcoin wallet provider. BitGo CEO Will O’Brien confirmed the news and elaborated on the significance of the deal, though he declined to offer any specifics.
Appreciating the decision to invest in his firm O’Brien admitted that BitFury is one of the largest companies in the Bitcoin space and they’re looking to invest further in global entrepreneurship and really exciting companies in the space. According to him to have the endorsement from customer and getting investments from him is a big deal.
Though the news came of the deal, the two companies did not disclose the size of the investment. However, O’Brien did suggest that the sum was smaller than BitGo’s $2m seed funding round and $12m Series A when he said that they don’t disclose investments unless they’re of a particular size and scale.
Client Relationship Was More Important Than the Capital Raised
According to him securing a valuable client relationship was more important than the capital raised. Sharing his views, BitFury CEO Valery Vavilov suggested that the company’s recent expansion was a key driver behind the deal and as his business has been scaling rapidly, he was looking for efficient and secure Bitcoin corporate treasury solutions.
He said that secure Bitcoin corporate treasury solutions would satisfy operational needs of the company and meet corporate governance and reporting standards as well. According to him the company’s diversified operations offer unique management challenges, requiring the right operational tools and accounting transparency.
The two companies believe that there is huge potential to grow and establish new standards for the industry. Founded in 2011, BitFury has more than 60 employees globally at management offices in San Francisco and Amsterdam, as well as data-centers in Finland, Iceland and Republic of Georgia.
The company derives sustainable advantage through its custom-made ASIC chips optimized to achieve the lowest power consumption coupled with the highest processing metrics.
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