Home Headlines Credit China FinTech Inks $30 Million Deal with Bitcoin Firm BitFury

Credit China FinTech Inks $30 Million Deal with Bitcoin Firm BitFury

Samburaj Das
Last Updated March 4, 2021 4:53 PM
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Credit China Fintech Holdings Ltd., a Hong Kong-based industry investment firm has entered a $30 million agreement with bitcoin- and blockchain-industry giant BitFury. The deal will see an investment in Bitfury shares and a new joint-venture effort focusing on the Chinese market.

An announcement  [PDF] by BitFury reveals that Credit China Fintech will aid the industry firm to maximize “the adoption of the Bitcoin Blockchain and private Blockchains” into Credit China’s various FinTech investments and platforms. A report by CNBC  points to further details about the joint venture to be a storefront to sell BitFury’s bitcoin mining equipment in China.

Scaling beyond its operations as a bitcoin mining hardware developer and operator, the BitFury Group now provides blockchain infrastructure solutions.

Massive Potential in a Significant Market

BitFury, notable for its marked stance in sticking to and developing solutions for the Bitcoin Blockchain over other private blockchain efforts.

“There is one Blockchain. It is the Bitcoin Blockchain” wrote BitFury CEO Valery Vavilov while opining that private blockchains do not provide the security of the Bitcoin Blockchain.

For its part, Credit Fintech China launched a 10 billion yuan (approx. $1.44 billion) fund in Beijing earlier this month, to support mergers and acquisitions while benefiting startups and enterprises in China’s Fintech sector. Credit China Fintech’s platforms include peer-to-peer lending and payment platforms, among a multitude of other services.

If the bitcoin blockchain is favored and adopted as mentioned in the release, a number of different Fintech platforms under the purview of Credit China Fintech could benefit from the most prominent public blockchain yet. This could, in turn, bring even more prominence to bitcoin and the blockchain in China and Asia. Credit China Fintech sees over 21 million users on its platform and processed RBM 800 billion in payment transactions in 2016. The firm is aiming to introduce blockchain technology in its online peer-to-peer lending and supply chain finance platforms in the near future.

The joint venture could lead to the possible implementation of bitcoin blockchain tech into popular Chinese Fintech platforms.

In statements, Credit China Fintech CEO Phang Yew Kiat stated:

Blockchain is a fast emerging technology allowing effective secured value transfer over the internet. Our collaboration with BitFury will further cement our leadership position in the use of Blockchain technologies across our Fintech platforms.

The BitFury Group, which now calls itself a “global full-service Blockchain technology company” recently launched the inaugural ‘Global Blockchain Business Council’ in Davos last week. Established as a resource center, an educational forum and a collaborative forum toward blockchain innovation and adoption, Credit China Fintech is a founding member of the council and is, so far, the only representative from Hong Kong and China.

Images from Shutterstock.