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The mining colossus based in China has invested an undisclosed sum in the startup.
Bitmain, the world's largest producer of mineral cryptocurrencies, has invested an undisclosed sum in the start of Lambda blockchain storage. [19659004] According to a press release released on Friday, the financing will support the further production of Lambda of secure infrastructure based on blockchain and decentralized applications (DApps).
"Bitmain has demonstrated its commitment to the expansion of strong companies, DApp and blockchain like Lambda,"
stated Lambda CEO Xiaoyang.
"This investment by a global industry leader represents a significant endorsement and recognition of Lambda's dedication to creating a world-class blockchain-based storage solution."
At the start of this month , Lambda has launched its initial offer of coins (ICO) after the completion of a private sale. The company has received investments from well-known institutions, including FunCity Capital, BlockVC, BlueHill, Zhen Fund, Metropolis VC, Dfund, DATA Foundation and more.
For his part, Bitmain has stated that he does not see the time to work with Lambda.
"Storage is an interesting development area in the blockchain infrastructure and the technological vision of Lambda, the pragmatic roadmap and progress to date have been key factors for us"
a spokesperson for Bitmain said.
2013, Bitmain develops Bitcoin mining hardware and ASIC chips. The Beijing-based company was valued at around $ 12 billion following a Series B funding round in July. Bitmain posted a net profit of over $ 1 billion in the first quarter of 2018, while in annual terms, net income is estimated to be between $ 2 and $ 3 billion.
As reported by Cryptovest last week, Bitmain could start a $ 3 billion initial public offering (IPO) in Hong Kong as early as September. The move could finance the company's ambitious expansion plans. In January, Bitmain revealed plans to invest in thirty blockchain startups. The mining giant also said to invest in other innovative technology areas, such as artificial intelligence.
Bitmain has already conducted several investments in 2018, including $ 50 million in the next initial public offering (IPO) of the Opera Internet browser and a $ 3 million bet on tribeOS, a digital advertising platform developed on the Bitcoin Cash blockchain network ( BCH).
