The Bitfury Group has acquired a minority stake in blockchain services firm Final Frontier. Both organizations are looking to utilize each other’s knowledge and experience in the traditional and digital finance spaces to potentially release a new line of financial products and services designed to assist professional investors in getting their hands on digital assets.
“Our mission is to be the bridge for institutions from traditional finance to enter this innovative asset class,” said Final Frontier co-founder Imraan Moola in a public statement. “Bitfury’s technological expertise, combined with our financial markets know-how and track record will allow us to create unique and differentiated financial products and solutions to service our sophisticated investor base.”
Bitfury is a full-service blockchain technology company that started out with a focus on cryptocurrency mining. Among the company’s latest hardware releases are semiconductor chips and mobile data centers.
Bitfury is also the developer behind other blockchain projects including Exonum, a private blockchain framework; Crystal Blockchain, an advanced analytics platform; and LightningPeach, an open-source Lightning Nnetwork project.
Based out of Switzerland’s renowned Crypto Valley, Final Frontier is a cryptocurrency and blockchain investment firm. Among the venture’s main goals are helping professional traders and investors enter the crypto space.
Bitfury CEO Valery Vavilov states, “This is a ground-breaking partnership between a blockchain technology firm and an experienced team from traditional finance. With the blockchain space institutionalizing, we consider it an important step forward for the entire ecosystem and for our own mission to be the world’s leading full-service blockchain company.”
News of the partnership comes only days after Bitfury closed a Series C, $80 million funding round led by Korelya Capital. Funds will be used to further develop the company’s exploration of emerging technology and boost its software and hardware equipment. Its partnership with Final Frontier raises questions about whether Bitfury may be trying to expand its reach into investment services.
Bitcoin Magazine reached out to Bitfury for comment. The company said that it was unable to “provide more details at this time,” but it was “looking forward to sharing more details in the future.”
Final Frontier also did not respond to our request for comment.
This article originally appeared on Bitcoin Magazine.
Author: Nick Marinoff