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Bitfury Institutional Bitcoin Mining Fund Gains EU Regulator Approval

Bitfury Institutional Bitcoin Mining Fund Gains EU Regulator Approval

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 17 Views

The blockchain software giant will provide hardware and other support to the fund, which is administered by Swiss-based Final Frontier.

Blockchain tech giant Bitfury has partnered with a Swiss investment firm to release a dedicated bitcoin mining fund for institutional investors, executives confirmed on Twitter on April 24.

Bitfury, which develops various blockchain-related software along with mining services, confirmed that Final Frontier, in which it holds a minority stake, had gained regulatory approval for the fund from neighboring Liechtenstein.

Focusing on institutions, the fund will give major investors access to the world of bitcoin mining, with Bitfury describing its creation as beneficial for the emerging sector.

Bitfury will provide the hardware for the project, which will also leverage the company’s various mining centers to source power and deliver favorable mining costs.

“With the bitcoin (BTC) price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in bitcoin mining,” Imraan Moola, co-founder of Final Frontier, additionally told Reuters.

The move comes at a productive time for Bitfury, which earlier this month made Forbes’ list of the top 50 companies worth $1 billion or more using blockchain worldwide.

As Cointelegraph reported, the mining sector has experienced a troublesome six months, last November’s price dip to $3,100 sparking a chain of warnings from major market players.

In China in particular, where authorities now plan to crack down on mining, participants said that lower bitcoin prices were forcing them to abandon their operations independently.

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