US-based bitcoin mining hardware manufacturer BitFury, has launched BitFury Capital a seed investment fund to provide support and partnerships within the bitcoin market, growing BitFury’s own initiatives and expanding the sector elsewhere.
BitFury provides semiconductors, servers and data centre technology for the bitcoin and cryptocurrency industry. The fund is intended to grow Bitfury’s own initatives while expanding the sector elsewhere.
The fund will have the capacity to invest in later rounds using capital from BitFury Group, which will also provide advice and resources to accelerate the growth of its startups,
BitFury chief executive Valery Vavilov said: “Our leadership position in cryptocurrency and bitcoin infrastructure will help accelerate and help grow the significance of other parts in the ecosystem – which in return grows the value of our own core business and enables us to expand into new opportunities within the industry.”
Founded in 2011, Bitfury raised $20m in funding in May 2014 from Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund, Queensbridge Venture Partners, ZAD Investment Company and angel investors.