Genesis Digital Assets Raises $125M to Fuel US and Nordic Expansion
The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management
Jul 28, 2021 at 1:38 p.m. UTCUpdated Aug 21, 2021 at 12:17 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/WR4HFYNEBNCL3LBEW2K3MA4AVE.jpg)
Genesis Digital Assets has raised $125 million in equity funding to fuel its expansion plans in the U.S. and the Nordic region.
- The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management, an announcement Wednesday said.
- Genesis plans to use the funding to purchase equipment and build new data centers in the U.S. and the Nordic region.
- The firm recently purchased 10,000 mining machines from manufacturer Canaan, an acquisition that founder Abdumalik Mirakhmedov expects to at least double Genesis' hash rate in the coming months.
- Kingsway's focus is on frontier emerging markets, and CEO Manuel Stotz cited bitcoin's potential as a technology for "financial inclusion of the global poor and unbanked" as a motivation for the investment.
- "Mining provides security to make this possible," he added.
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)