Bitmain’s series B funding closes to create the largest global cryptocurrency conglomerate in China.
China’s dominant bitcoin mining manufacturer has become the largest crypto conglomerate in the world after securing a new round of Series B funding.
Bitmain Expands Influence
Caixin news agency reported last week that Bitmain has secured between $300 million and $400 million in new funding from Sequoia China, U.S. hedge fund Coatue and Singapore-based EDBI, effectively becoming the largest cryptocurrency company in the world. With the latest round, Bitmain’s total value has swelled to $12 billion.
Bitmain is making waves across the blockchain industry, having recently announced plans to purchase roughly 43% of Opera Ltd., a Norway-based internet browser that has filed for an initial public offering with Nasdaq.
Back in May, the company led a $110 million financing round for Circle, an influential cryptocurrency company with backing from Goldman Sachs and others. In an official announcement, Circle said Bitmain’s stake in the company will allow it to expand critical infrastructure needed to power the crypto economy:
“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic…