Bitfury, a San Fransisco based crypto mining company has recently announced the completion of its Series C funding. A report made it known that the company was able to raise $80million during this funding, bringing the total funds raised by the company since inception to $170 Million.
Bitfury to Venture into Artificial Intelligence (AI)
The company has also made it known that the funds received will be targeted mainly at its plans to expand globally and also to venture into adjacent market spaces, for example, Artificial Intelligence (AI).
The company made this known through a comment from the CEO, and co-founder of Bitfury, Valery Vavilov which states that:
“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,”
Based on a recent report, the investment round was led by a Paris-based venture capital firm called Korelya Capital. Macquarie Capital, and the popular serial crypto investment firm Mike Novogratz’s Galaxy Digital was also present. Other firms which took part in the Series C funding round includes Dentsu Inc and Armat Group.
Global Institutionalization of Cryptos
As regards the funding round, the Sole Financial Advisor and Placement Agent for the BitFury’s funding, Greg Revenu has made some comments. He believes that the funding signifies a “global institutionalization” of the blockchain industry.
He went to say that :
“As the market is maturing, we are witnessing an acceleration in the adoption of blockchain technologies throughout the world, in all domains, at both corporate and governmental level,”
He further stated that:
“This transaction also demonstrates the positioning of the company as the world leading B2B technology infrastructure provider, with a breadth of activities that enable the company to be seen as the proxy for a global Blockchain investment thesis.”