BitFury Rakes in $20 Million in Round of Funding

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BitFury Rakes in $20 Million in Round of Funding

BitFury Group, the world’s top maker of bitcoin hardware environment announced on Friday receipt of $20 million in financing. Some of the investors who took part in the round of funding include Queensbridge Venture Partners, Binary Financial and Georgian Co-Investment Fund (GCF).

According to MarketWatch, BitFury will utilize part of the funds towards the putting up of bitcoin infrastructure in strategic locations and speed up its manufacture of the next generation of bespoke semiconductors.

The company is the world leader in making of Application Specific Integrated Circuits (ASICs) for use in the mining of bitcoins and other virtual currencies. The firm sells bitcoin mining infrastructure such as ASICs and servers in addition to cloud solutions to professional digital currency mining firms.

“The success of this funding round validates our strategy and brings us closer to our aspiration of becoming the world’s first publicly listed bitcoin company. This investment will further accelerate our growth, and we are excited to strengthen our industry leadership with next-generation hardware and services,”BitFury Chief Executive Valery Vavilov is quoted by Coindesk as saying.

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The BitFury Group was put up in 2011 and has bases in San Francisco, CA and Amsterdam in the Netherlands. The company is one of the largest cryptocurrency miners, with computing hardware in Finland, Iceland and the Republic of Georgia.

Binary Financial suggested that its capital injection into BitFury was informed by strength of the firm’s technology and expertise. The company told Coindesk that it was making strategic investment in BitFury as a credible broker in massive bitcoin transactions and was confident the semiconductor maker would keep leading in development of ASIC technology.

The latest round of funding is one of the biggest within the bitcoin community to date, falling just below the record-breaking $30 million Series A for BitPay. Bitcoin wallet provider Xapo raised $20 million in March in a round of funding.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com