Bitfury Institutional Bitcoin Mining Fund Gains EU Regulator Approval
The blockchain software giant will provide hardware and other support to the fund, which is administered by Swiss-based Final Frontier.
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.