PYMNTS-MonitorEdge-May-2024

Credit China FinTech Invests $30M In Bitfury Group, Forms JV

Credit China FinTech, the Chinese investment company, announced Thursday (Jan. 26) it made a $30 million investment in Bitfury Group, the bitcoin and blockchain infrastructure provider.

According to a report, in addition to the $30 million investment, the two are creating a joint venture that will be focused on the market in China. “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,” said Phang Yew Kiat, vice chairman and CEO of Credit China FinTech.

Bitfury Group is one of the big players in providing bitcoin and private blockchain infrastructure, as well as serving as a transaction processing company. In explaining its deal with Bitfury, Credit China FinTech said blockchain is the “latest and most exciting” encryption technology for transferring digital assets securely, whether it’s among consumers, businesses, financial firms or banks. The deal with Bitfury meshes with Credit China FinTech’s strategy and will help in increasing the adoption of the bitcoin blockchain and private blockchains in different FinTech platforms, the company said.

In an email to CNBC, Credit China FinTech’s Phang said it is looking at using blockchain for its peer-to-peer lending and payment platforms. He said the company has a blockchain-based payment prototype being tested in its research lab.

“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 honored to have the opportunity to expand the work of our company to this significant part of the world,” added Valery Vavilov, CEO and founder of Bitfury, in the press release.

PYMNTS-MonitorEdge-May-2024