BitFury closes $20m funding round

Bitcoin blockchain infrastructure provider and transaction processing company the BitFury Group has secured a new $20 million investment.

Founded in 2011 and led by CEO Valery Vavilov, the US-based company said it had recently tripled its market share and would use the financing to further its expansion plans and enhance its technology development.

The latest funding round included investments from DRW Venture Capital, iTech Capital and the Georgian Co-Investment Fund.

Don Wilson, founder of DRW Venture Capital, said: “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.”

Gleb Davidyuk, managing partner of iTech Capital, added: “We are pleased with our investment in BitFury, which has solidified its market leading position by providing its cutting-edge technologies to support Bitcoin blockchain infrastructure. We are confident there are many growth opportunities with Bitcoin technologies and we believe that BitFury is well positioned for further expansion.”

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