Genesis Digital Assets Raised USD 125 Million
Leading cryptocurrency mining operator Genesis Digital Assets announced today that it has received $ 125 million in funding to accelerate the company's expansion.
In a press release, Genesis Digital Assets said the funding came from London-based private equity firm Kingsway Capita and plans to use the invested funds to purchase new equipment to expand its cryptocurrency mining business to industrial scale.
Genesis Digital Assets - Today it is one of the largest Bitcoin mining operator in the world. Since 2013, the company has created more than 20 industrial farms for the extraction of cryptocurrency and produced more than $ 1 billion in bitcoins.
Abdumalik Mirakhmedov, Executive Chairman and Co-President of Genesis Digital Assets, said: “Our mission is to provide the infrastructure that supports the open source currency revolution. As we continue to expand our cryptocurrency mining business, we are delighted to be joining Kingsway Capital and Manuel. "
With the surge in demand for cryptocurrency products, companies using cryptocurrency assets around the world have attracted large amounts of investment in 2021. As a reminder, in early July, the well-known cryptocurrency exchange FTX raised $ 900 million in its funding round.
Despite the recent roller coaster ride of Bitcoin, Ethereum and the digital currency market in general, the total market value of cryptocurrencies has increased by more than 100% since the end of 2020. Following the inappropriate actions taken by China regarding cryptocurrencies, institutional interest in mining companies and in global cryptocurrency mining has skyrocketed.
Bitcoin will become the most important component for financial inclusion and unbanked segments of the population in the world, and mining will act as a guarantor of security on the way to this.
The Genesis Digital Assets team has built, and will continue to build, highly profitable, industrial-scale Bitcoin mining farms. Kingsway Capital CEO Manuel Stotz said: "No one else in the Bitcoin mining industry has this level of experience and we are thrilled to be able to support their next wave of growth and long-term vision . "
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