Connect with us


Bitcoin [BTC] mining firm raises $80 million with Mike Novogratz as one of the investors




Bitcoin [BTC] mining firm raises $80 million with Mike Novogratz as one of the investors
Source: Unsplash

Earlier today, November 7, a Bitcoin [BTC] mining firm, Bitfury announced that they have raised over $80 million in their funding round. The funding was led by Korelya Capital, a venture capital firm backed by Naver Group.

The investors of the private placement included Mike Novogratz, the CEO of Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group, Jebre and Lian Group, Argenthal Capital Partners, MACSF, and iTech Capital. The details regarding the valuation of the cryptocurrency mining firm were not revealed.

George Kikvadze, the Executive Vice Chairman of Bitfury said:

“With a half billion dollars in revenues, Bitfury is the leading blockchain B2B global technology infrastructure provider at the corporate and government level. This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures”

Antonie Dresch, the co-founder of Korelya Capital, the firm that led the funding said that they joined the mining firm as a lead investor at an ‘”incredibly exciting time” for the company and the blockchain space. He continued to say that Bitfury marked its way from a start-up to the biggest western blockchain unicorn and that they have constantly delivered innovative solutions in the space.

In an interview with Bloomberg, the CEO of Bitfury commented about the private placement, said:

“We see a lot of demand from companies and public institutions to put their services or products in the blockchain – especially in emerging markets, where administrative systems can be very inefficient”

Mike Novogratz said:

“We are excited to partner with Bitfury, a leading solutions provider in blockchain and Bitcoin. We are impressed with Bitfury’s unparalleled team, as well as the company’s vision, technical expertise, and global reach, all of which are essential to advancing the underlying bitcoin ecosystem.”

Moreover, the cryptocurrency mining company had planned on going public, to become Europe’s first major cryptocurrency initial public offering. This news erupted in the market post Bitmain’s announcement that they were going public. The report also stated that Bitfury was planning on an IPO with a valuation ranging between $3 billion to $5 billion.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading