Bitmain raises $50m funding round

China-based mining giant Bitmain raises $50 million funding round
04 September 2017   3072

According to bloomberg.com, Bitmain, a China-based mining giant, raises $50 million from a number of venture capital firms.

Among the participants of the funding are Sequoia Capital, ING Capital and several other undisclosed investors. It is also reported that the company intends to expand into production of chips for artificial intelligence and set up mining farms in the U.S. Furthermore, according to the information provided by the unnamed source, the investing companies also intend to offer Bitmain management advice as part of the deal.

Bitmain's Antpool chart on blockchain.info Bitmain's Antpool chart on blockchain.info

As shown, Antpool, which is Bitmain's mining pool, is currently the second most powerful one. At the time of writing, Antpool, controlls 15.5% of the network's total hashing power.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   559

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.