Chinese Bitcoin mining giant Bitmain Technologies has invested an undisclosed amount in Blockchain data storage company Lambda. The funding round propels Lambda into crypto-linked companies that received investments from Bitmain as part of its plans to expand and diversify its circle of influence in the nascent sector.
Lambda has already launched its own ICO earlier this month after completion of its private sale which included funding from FunCity Capital, BlockVC, BlueHill, Zhen Fund, Metropolis VC, Dfund, DATA Foundation and more.
The startup uses the blockchain technology to provide decentralized applications data storage capabilities with unlimited scalability.
According to its website, it claims to develop a series of infrastructure capability services including “storage with unlimited scalability, high throughput computing, and fast network transmission, making it easy for DAPPs to fulfill data generation, transmission, storage, retrieving, and computing.”
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Additionally, Lambda allows developers to freely use its project codes and modify them under Apache License while users are permitted to download Lambda’s binary files and deploy them in the private environment without connecting to the extranet.
Bitmain, which is based in Beijing but has offices in other cities including Amsterdam, Tel Aviv, and Hong Kong, announced in January that it intends to invest in as many as thirty startups powered by blockchain. Touted as the world’s largest cryptocurrency mining hardware manufacturer, it has led several investments in 2018 including a $5o million into the upcoming IPO of internet browser Opera.
It is unclear what exactly the cryptocurrency mining company plans to accomplish with this variety of blockchain startups, but after being valued at nearly $15 billion, it is logical for the company to diversify its holdings, securing footholds in its core markets.
“Storage is an interesting development area in blockchain infrastructure and Lambda’s technology vision, pragmatic roadmap, and progress to-date have been key factors for us. We look forward to working with Lambda,” said a Bitmain spokesperson.