Bitcoin infrastructure provider and Bitcoin transaction processing startup BitFury Group adds Samsung Electronics President and Chief Strategy Officer to its strategic advisory board.
BitFury CEO Valery Vavilov stated in an official announcement:
"We are excited to welcome Young Sohn to our strategic advisory board which is composed of some of the most distinguished technology and venture industry leaders."
Sohn is joining BitFury's advisors board, which was initially composed of semiconductor industry veteran Dr. Jackson Hu and Binary Capital founder Jonathan Teo. Vavilov also noted that:
"Young's extensive experience in semiconductors and consumer electronics will enable us to explore business opportunities in the consumer electronic devices market."
Sohn has been working as President and Chief Strategy Officer for South Korean multinational electronics company Samsung Electronics since mid-2012. Previously, the executive had served as CEO and President for multiple enterprises including public companies Quantum Corporation, Oak Technologies, Agilent Semiconductor, and Inphi Corporation.
Sohn shared his excitement in joining BitFury's team and in supporting the startup's ambitious goals. He stated:
"BitFury is well positioned with its custom design chip and data center technology. The company’s commitment to delivering results through strong and consistent execution of its business and growth strategy has not only allowed BitFury to become a highly respected global Bitcoin company, but to also see new opportunities."
Founded in 2011, BitFury Group is a leading provider of semiconductors, servers and datacenter solutions to the cryptocurrency industry. The startup is currently constituted of an international team of 70 professionals located in San Francisco, Amsterdam and Riga.
In May, BitFury Group closed a US$20 million funding round from VC firms, which included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company, as well as renowned angel investors Bill Tai and Jonathan Teo. The investment was said to build out its facilities in strategic international locations and accelerate its production of next generation semiconductors, or ASICs and servers.
In early September, the startup announced a partnership with Bitcoin security and multisig leader BitGo. The partnership included a significant undisclosed investment into BitGo. Last month, BitFury made another similar strategic investment into payment platform GoCoin, which was then selected to process digital currency payments for BitFury's vendors.
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