Genesis Digital Assets Raises $125M to Fuel US and Nordic Expansion

The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management

AccessTimeIconJul 28, 2021 at 1:38 p.m. UTC
Updated Sep 14, 2021 at 1:32 p.m. UTC

Genesis Digital Assets has raised $125 million in equity funding to fuel its expansion plans in the U.S. and the Nordic region.

  • The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management, an announcement Wednesday said.
  • Genesis plans to use the funding to purchase equipment and build new data centers in the U.S. and the Nordic region.
  • The firm recently purchased 10,000 mining machines from manufacturer Canaan, an acquisition that founder Abdumalik Mirakhmedov expects to at least double Genesis' hash rate in the coming months.
  • Kingsway's focus is on frontier emerging markets, and CEO Manuel Stotz cited bitcoin's potential as a technology for "financial inclusion of the global poor and unbanked" as a motivation for the investment.
  • "Mining provides security to make this possible," he added.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown