Bitfury secures $20m in funding, half from GCF

Bitfury has secured $20 million in funding, marking one of biggest such rounds in the Bitcoin industry. BitPay got $30 million three weeks

Bitfury has secured $20 million in funding, marking one of biggest such rounds in the Bitcoin industry. BitPay got $30 million three weeks ago.

Half the funding comes from Georgia Co-investment Fund (GCF), which says it is a $6 billion fund backed by several prominent international investors. The remaining $10 million was contributed by: Binary Financial, Crypto Currency Partners, Queensbridge Venture Partners and ZAD Investment Company.

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Bitfury is based in San Francisco and Amsterdam. It claims to be the world’s largest provider of bitcoin-related hardware and data center solutions for mining-related operations.

Among Bitfury’s ambitions plans is its drive to become publicly traded. There is currently only one bitcoin-related company listed, Bitcoin Shop Inc. It is a penny stock trading in the OTC markets for roughly 13 cents a share and a market cap of $18.4 million. With the latest round of funding, Bitfury indicates its value to be $250 million.

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Valery Vavilov, CEO of BitFury, says:

“The success of this funding round validates our strategy and brings us closer to our aspiration of becoming the world’s first publicly listed Bitcoin company. This investment will further accelerate our growth, and we are excited to strengthen our industry leadership with next-generation hardware and services.”

The company has data centers in Finland and Iceland. With the latest round of funding, they will develop what they say will be the world’s largest bitcoin mining center in Georgia, right in the GCF’s backyard. Said Vavilov:

“We are excited to partner with and attract institutional capital from the Georgian Co-Investment Fund…The decision to develop the world’s largest bitcoin data center in Georgia was driven by the country’s business friendly environment and favorable investment climate.”

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