Genesis Digital Assets Raises $125M to Fuel US and Nordic Expansion
28 Jul, 2021•1 min read•Other
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 some 10,000 mining machines from manufacturer Canaan, an acquisition which 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.