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Billionaire Novogratz Invests in Cryptocurrency Firm Bitfury

San Francisco-based blockchain hardware and software provider has raised $80m led by Korea's Naver Group, with participation from Galaxy Digital.  The funding round valued the company at over $1bn and it may be mulling an IPO.

“We see a lot of demand from companies and public institutions to put their services or products in the blockchain -- especially in emerging markets, where administrative systems can be very inefficient,” Bitfury Chief Executive Officer Valery Vavilov said in an interview. He declined to comment on the company’s valuation.

Tags

cryptocurrency, funding