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Bitcoin Mining Giant Bitmain Invests in Blockchain Data Storage Startup

Last Updated March 4, 2021 3:56 PM
Yashu Gola
Last Updated March 4, 2021 3:56 PM

Chinese bitcoin mining equipment manufacturer Bitmain has invested an undisclosed amount in blockchain data storage startup Lambda, the latter announced last Friday.

Bitmain Expands its List of Portfolio Companies

The new investment will see to Lambda further developits “secure” blockchain-based infrastructure and decentralized applications, commonly known as dApps. The Singaporean startup has already conducted a tokenized private sale round that attracted investments from FunCity Capital, BlockVC, BlueHill, Zhen Fund, and other well-known institutions. It is now gearing up for an initial coin offering (ICO) round with an aim to raise $5 million.

“Bitmain has demonstrated its commitment to expanding strong, Dapp blockchain companies such as Lambda,” said Xiaoyang He, CEO of Lambda. “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.”

Lambda projects itself as a “high-speed, secure and scalable blockchain infrastructure” which offers a variety of modules including trusted and secure data storage, public data access and transaction, privacy data protection, infinitely-scalable dApp and blockchain support, as well as IoT, storage, and artificial intelligence data.

As to how Lambda achieves infinite scalability is the main topic of interest. The startup claims that it “[logically] decouples and separate implementation of Lambda Chain and Lambda DB” to achieve the said goal.

Bitmain, the global leader in the production of integrated circuits and hardware for cryptocurrency mining, believes storage in the context of blockchain is an exciting area to explore. The company expressed its satisfaction with Lambda’s development and business plan, mentioning their technology vision, practical roadmap, and progress-to-date as the key factors behind its investment.

“We look forward to working with Lambda,” Bitmain stated.

Bitmain Close to Launching Its IPO on HKEX

This is the latest in a long line of projects backed by the Beijing-based firm this year. Bitmain has already committed  $500 million to build data and mining facility in Texas. Only this month, the company invested $3 million in TribeOS, a blockchain-based ad fraud prevention startup, and it has also invested in major firms Circle, Block.one, and Opera.

Amidst making headlines with its large investments in crypto-startups, Bitmain could also launch its $3 billion public offering on Hong Kong Stock Exchange (HKEX) in September, if reports are to be believed. It would further enable the company to expand its territory in the line of its plan to invest in as many as thirty blockchain startups.

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