Credit China FinTech Invests $30m to Sell BitFury Bitcoin Mining Equipment

A joint venture will be BitFury's first major foray into China, the leading market for Bitcoin mining.

Bitcoin mining giant and transaction processing company BitFury Group has entered into a $30 million deal with the Chinese financial services firm Credit China FinTech (Hong Kong stock code: 8207).

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The deal includes an investment in BitFury shares and the establishment of a joint venture focusing on the Chinese market. The joint venture will be BitFury’s first major venture in China, and according to CNBC it will be used to sell its bitcoin mining equipment.

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Valery Vavilov, CEO, BitFury
Valery Vavilov, CEO, BitFury

Mr. Valery Vavilov, CEO and founder of BitFury, said: “We are deeply grateful to Credit China FinTech for both its forward-looking embrace of technology and its confidence in Bitfury. China is a visionary country and we are honored to have the opportunity to expand the work of our company to this significant part of the world.”

The collaboration with BitFury is in line with Credit China FinTech’s strategy and the company believes that it will assist it in maximising the adoption of the Bitcoin Blockchain and private blockchains into its various services.

Mr. Phang Yew Kiat, Vice-Chairman and CEO of Credit China FinTech, said: “Blockchain is a fast emerging technology allowing effective secured value transfer over the internet. Our collaboration with BitFury will further cement our leadership position in the use of Blockchain technologies across our FinTech platforms, taking Credit China Fintech to a new level of competitiveness.”

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