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Genesis Digital Assets Raises $125M to Fuel US and Nordic Expansion
The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management
Updated Sep 14, 2021, 1:32 p.m. Published Jul 28, 2021, 1:38 p.m.
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Genesis Digital Assets has raised $125 million in equity funding to fuel its expansion plans in the U.S. and the Nordic region.
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- 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 10,000 mining machines from manufacturer Canaan, an acquisition that 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.
Read more: Canaan Forecasts Second-Quarter Revenue as High as $250M
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