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Bitcoin Cash [BCH]’s ally Bitmain to now support a blockchain startup

Priyamvada Singh



Source: Pixabay

Recently, the Bitcoin mining company, Bitmain showed its support for the blockchain network and token called Lambda by investing an anonymous amount in the startup based out of Singapore. A press release was also issued last week that said that Bitmain’s funding to Lambda is going to further the infrastructure of the startup by attending to its blockchain security and decentralized applications [dApps].

The Chief Executive Officer of Lambda, Xiaoyang He said that Bitmain has demonstrated its commitment to supporting strong, dApp blockchain firms such as his startup by offering support and funding. Subsequently, Bitmain is considered as the leading industry player on the global scale, which effectively endorses the significance and dedication of Lambda in creating a secure blockchain for the industry.

Last week, Lambda also posted on Twitter, in regards to the increasing fake information spread across by third parties, they wrote:

“It has come to our attention that other services are posting inaccurate and false information making use of our name. We are the Lambda company that is working with Bitmain, and has received backing from well-known investment firms including Zhen Fund, Fun City,Bluehill, etc.”

Bitmain has been surrounded by controversies, with the biggest and most recent one being regarding its Initial Public Offering [IPO] valuing the company at $14 billion. It was pointed out by Blockstream’s CEO Samson Mow that the ASIC miner company holds more Bitcoin Cash [BCH] than Bitcoin. This fact came to be known after the pre-IPO deck of Bitmain was leaked wherein it was observed that the company sold most of its Bitcoin for Bitcoin Cash.

Roger Ver of also tweeted regarding the matter. He implied that Bitcoin Cash is the maximum holding of major platforms, citing Bitmain as an example.

Roger Ver's recent tweet | Source: Twitter

Roger Ver’s recent tweet | Source: Twitter

Here, Samson Mow replied to Roger Ver’s tweet and wrote:

“Bitmain invested $869M in #Bcash. Today that’s worth $527M. The dumb money invests in $BCH.”

Another Twitter handles that claims to be a Bitcoin activist since 2014 named Ben Bee also commented:

“I may be mistaken but didn’t Bitmain make most of it’s money from Bitcoin…? Also, Blockstream may be a lot more long term focused. Low VS high time preference.”

Jihan Wu, the Founder of Bitmain has been a dedicated supporter of Bitcoin Cash and has expressed his interest in the cryptocurrency on several occasions. However, he recently conveyed that Bitcoin Cash can only achieve its true potential in the field of innovation if the team is granted freedom and flexibility to execute their ideas.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.



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