Bitcoin infrastructure firm BitFury Group has secured $20 million in funding, including participation from DRW Venture Capital, iTech Capital and Georgian Co-Investment Fund.
Don Wilson, Founder of DRW Venture Capital, commented on the deal:
DRW’s investment in BitFury is an acknowledgment of the impressive work Valery Vavilov and the team has done to become a leader in the business of securing the blockchain. By supporting BitFury’s efforts in this regard, and by providing liquidity in bitcoin via its wholly owned subsidiary, Cumberland, DRW aims to facilitate the widespread adoption of the distributed ledger technology.
According to the company, the funds will be used to support BitFury’s technology and business expansion. The company has recently rolled out its 28 nm chip, acquired Allied Control – an immersion cooling technology startup and announced plans to further expand in Republic of Georgia by building a techno park that will host its new 100 MW data center.
Valery Vavilov, CEO of BitFury said:
Today, we are excited to announce we have secured a funding round of $20 million. The success of yet another funding round validates our business strategy and brings us closer to our ambitious goals.
Gleb Davidyuk, Managing Partner of iTech Capital said:
Blockchain is one of the most promising and disruptive technologies we’ve seen in the FinTech industry for the past 15 years. We’ve kept an eye on Blockchain since its inception and are confident in its global recognition and following success. For a professional investor it is always a welcoming opportunity to recognize the early trends and to support a recognized leader within the industry. BitFury’s team has unique set of corporate and technical skills enabling it to maintain its lead in the long term and continuing success.
According to the independent sources of market data BitFury has recently tripled its market share and has been continuously adding significant amount of computing power to the Bitcoin network. According to the same source, BitFury now processes more blocks than all of the private entities combined.
Founded in 2011, by Valery Vavilov and Valery Nebesny, BitFury has management offices in San Francisco, Washington, D.C. and Amsterdam, as well as data-centers in Iceland and the Republic of Georgia.