Bitmain Backs Blockchain Data Storage Firm Lambda

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The China-based mining giant has invested an undisclosed sum in the startup.

Bitmain, the world’s largest cryptocurrency mining equipment producer, has invested an undisclosed sum in the blockchain data storage startup Lambda.

According to a press release issued on Friday, the funding will support Lambda’s further production of secure blockchain-based infrastructure and decentralized applications (DApps).

“Bitmain has demonstrated its commitment to expanding strong, DApp blockchain companies such as Lambda,”

said Lambda CEO Xiaoyang.

“This investment from a global industry leader is a significant endorsement and recognition of Lambda’s longstanding dedication in creating a world-class blockchain-based storage solution.”

Earlier this month, Lambda launched its own initial coin offering (ICO) following the completion of a private sale. The company has received investment from well-known institutions, including FunCity Capital, BlockVC, BlueHill, Zhen Fund, Metropolis VC, Dfund, DATA Foundation and more.

For its part, Bitmain stated that is looking forward to working with Lambda.

“Storage is an interesting development area in blockchain infrastructure and Lambda’s technology vision, pragmatic roadmap, and progress to-date have been key factors for us,”

a Bitmain spokesperson was quoted as saying.

Founded in 2013, Bitmain develops Bitcoin mining hardware and ASIC chips. The Beijing-based company was valued at approximately $12 billion following a Series B funding round in July. Bitmain recorded a net profit of more than $1 billion in the first quarter of 2018, while in annual terms, the net profit is estimated to reach from $2 to $3 billion.

As reported by Cryptovest last week, Bitmain might initiate a $3 billion initial public offering (IPO) in Hong Kong as early as this September. The move may fund the company’s ambitious expansion plans. In January, Bitmain revealed plans to invest in as many as thirty blockchain-powered startups. The mining giant has also stated its invest in other innovative technology areas, such as artificial intelligence.

Bitmain has already led several investments in 2018, including a $50 million into the upcoming initial public offering (IPO)  of internet browser Opera and a $3 million bet on tribeOS, a digital advertising platform developed on the Bitcoin Cash (BCH) blockchain network.

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