Bitcoin tech company BitFury obtains $20 Million in funding

BitFury Group, provider of Bitcoin Blockchain infrastructure and transaction processing services, today announced it had managed to attract $20 million in funding. The list of investors participating in the funding round includes DRW Venture Capital, iTech Capital and Georgian Co-Investment Fund.

The funds will be used to support BitFury’s technology and business expansion. The company has recently announced plans to further expand in the Republic of Georgia by building a Techno Park that will host its new 100 MW data center.

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.”

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.”

The fresh funds for BitFury underline a trend in Fintech funding that has gathered pace over the past couple of years and keeps accelerating further. In March 2015, San Francisco-based 21 Inc announced it had secured a $116 million worth of venture capital funding from names like Andreessen Horowitz and RRE Ventures. In May 2015, Israeli digital currency server manufacturer Spondoolies-Tech announced it had managed to attract $1.5 million from Bitcoin Shop Inc (OTCMKTS:BTCS).

To view the official announcement by BitFury on the newly secured funding, click here.

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