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Blockchain startup Bitfury completes $80M private placement

Nov 06, 2018 10:08 am UTC

The Bitfury Group, a full-service blockchain technology company, has announced that it has closed an $80 million private placement led by Korelya Capital, the European growth capital firm backed by Korean digital giant Naver Group.

In its official announcement on Medium, Bitfury said that the placement also received support from a number of major corporate and financial institutions including Macquarie Capital, Asian financial institution Dentsu, European investment company Armat Group, European fund managers Jabre and Lian Group, special situations investment firm Argenthal Capital Partners, insurance group MACSF, and Galaxy Digital, a specialized digital asset merchant bank led by Mike Novogratz.

Existing investor iTech Capital, an Eastern European tech specific private equity firm, also took part in the placement. European technology investment bank Bryan, Garnier & Co. advised the company on the private placement.

“Bitfury has grown from a small startup to the largest western blockchain unicorn, equipped with worldclass leadership and expertise, consistently delivering innovative solutions across the entire blockchain ecosystem,” said Antoine Dresch, co-founder and managing partner of Korelya Capital.

Valery Vavilov, CEO and co-founder of Bitfury, said that the private placement reflects the company’s achievements and its ability to address adjacent market segments in high-performance computing, including in emerging technologies like artificial intelligence (AI).

“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,” Vavilov said.

The announcement follows recent reports that suggested that the blockchain startup was considering an initial public offering (IPO). Bloomberg reported last month that Bitfury was exploring going public in Amsterdam, London or Hong Kong as early as 2019 and was in talks with a number of global investment banks.

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