BitFury lands $30m in deal with Credit China FinTech

Bitcoin and blockchain infrastructure and security provider BitFury has landed $30m from Chinese financial services provider Credit China FinTech.

In conjunction with the investment the firms have reached a deal to launch a joint venture focused on the Chinese market.

San Francisco-based BitFury provides blockchain infrastructure and transaction processing through a full-service chain of hardware and software products designed to move assets securely across the blockchain.

It targets governments, organisations and individual users.

The new round of funding take the company’s total to $90m to date.

BitFury’s CEO and founder Valery Vavilov said, “We are deeply grateful to Credit China FinTech for both its forward-looking embrace of technology and its confidence in BitFury.

“China is a visionary country and we are honoured to have the opportunity to expand the work of our company to this significant part of the world.”

Credit China FinTech says the planned collaboration with BitFury is intended to assist it and its subsidiaries in maximising blockchain adoption and implementation.

The investment follows Credit China FinTech joining the Global Blockchain Business Council earlier in the month as one its founding 25 members.

Credit China FinTech’s CEO and vice-chairman Phang Yew Kiat said: “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.”

Copyright © 2017 FINTECH GLOBAL

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