Copy link
Increase text size
Decrease text size
Link copied

Blockchain unicorn company Bitfury launches artificial intelligence division

Photo Via Bitfury (Twitter)

Tue, 13 Aug 2019, 08:20 am UTC

The Bitfury Group, a blockchain startup headquartered in Amsterdam, has launched its artificial intelligence (AI) division, Reuters reported.

Founded in 2011, Bitfury is a leading security and infrastructure provider for the bitcoin blockchain. In November 2018, it raised $80 million from Galaxy Digital, Macquarie Capital, Armat Group and other investors, which brought the company’s valuation to $1 billion. The company recently became a member of the Hyperledger blockchain project.

The launch of the AI division follows the launch of the company’s new music entertainment division earlier this year, called Bitfury Surround. The AI unit will be a part of the company and operate alongside the company’s existing blockchain services.

The new division will be lead by technology expert Fabrizio Del Maffeo, who previously served as the vice president and managing director of AAEON Technology Europe, an ASUS associate company focused on AI and internet of things (IoT) computing.

Speaking to Reuters, Bitfury CEO and co-founder Valery Vavilov explained that the launch of the AI division was driven by the need to analyze and extract value from tons of available data.

"Data is becoming the next oil…We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed,” he said adding that AI is the best and most efficient way to analyze the data. "We also need to trust that data so that's where blockchain comes in.”

The AI division is currently in the “research mode, Vavilov said, adding that he would have more clarity on the range of AI products Bitfury intends to offer by the end of 2019 or early 2020.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,767.90 (-1.32%)
  • Ethereum (ETH) $358.25 (-1.06%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $228.33 (-1.43%)
  • Binance Coin (BNB) $28.62 (+6.75%)
  • Bitcoin (BTC) $10,767.90 (-1.32%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft