BitFury to Expand China Footprint Following $30 Million Deal

A new deal with Credit China Fintech, valued at $30m, will see see BitFury establish a joint venture in China.

AccessTimeIconJan 26, 2017 at 2:25 p.m. UTC
Updated Sep 11, 2021 at 1:01 p.m. UTC
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A new two-part deal valued at $30m will see BitFury expand its footprint in China.

The full-service blockchain technology company has announced a deal with Credit China Fintech, a firm that provides consumer-facing financial products, according to FT. The $30m deal has two components: an investment in BitFury directly and plans to establish a joint venture in China.

In statements, Credit China Fintech said that it would seek to adopt the technology for its services, looking at applications of both the bitcoin blockchain and private ledgers.

Phang Yew Kiat, Vice-Chairman and CEO of Credit China Fintech, said in a statement:

“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.”

The deal comes on the heels of the launch of a new international blockchain-focused group, dubbed the Global Business Blockchain Council, formally unveiled at the Davos conference in Switzerland earlier this month. Yesterday, the group announced its list of founding members, which includes representatives from BitFury, law firm Covington and the World Bank, among others.

In pushing to expand more significantly into China, BitFury enters the largest ecosystem for bitcoin miners – mining is a competitive, energy-intensive process by which new transactions are added to a blockchain – as well as traders.

“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,” BitFury founder and CEO Valery Vavilov said.

Chinese city and traffic image via Shutterstock

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