Bitmain Invests In Blockchain-Based Cloud Storage Firm ‘Lambda’
The world’s largest producer of cryptocurrency mining equipment, Bitmain Technologies, has invested an undisclosed sum in a data storage company.
Bitmain backs Lambda
With the conclusion of the funding round, the startup joins the growing list of crypto-linked companies that received investments from Bitmain as it continues to expand and diversify its circle of influence in the fast-growing crypto sector.
The announcement was issued on Friday, August 17 by Lambda’s CEO, Xiaoyang. He announced:
“Bitmain has demonstrated its commitment to expanding strong, DApp blockchain companies such as Lambda,”
According to the PR, the funding round will aid Lambda’s further production of secure blockchain-based infrastructure and decentralized applications (DApps). Xiaoyang said:
“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.”
At the start of the year, Bitmain revealed plans to invest in as many as thirty blockchain-powered startups. This investment in Lambda may be part of the company’s ambitious expansion plans.
Bitmain Technologies, a company which is already valued in excess of $12 billion and a pioneer of the ASIC mining chips has proposed a possible $3 billion initial public offering (IPO) in Hong Kong as early as this September.
What is Lambda?
Lambda leverages the blockchain technology to provide decentralized applications data storage capabilities with unlimited scalability.
On the official website, the startup claims to offers services which includes:
“storage with unlimited scalability, high throughput computing, and fast network transmission, making it easy for DAPPs to fulfill data generation, transmission, storage, retrieving, and computing.”
The Lambda network also permits developers to freely use its project codes and modify them under Apache License.
Users of the network are also permitted to download Lambda’s binary files and deploy them in the private environment without connecting to the extranet.
After a successful private sale in the early part of this month, Lambda launched its own Initial Coin Offering (ICO).
Through its ICO and Funding Rounds, Lambda has received investment from well-known institutions, including FunCity Capital, BlockVC, BlueHill, Zhen Fund, Metropolis VC, Dfund, DATA Foundation amongst others.
Bitmain Technologies has stated that is looking forward to working with Lambda. A spokesman for Bitmain said:
“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, we look forward to working with Lambda”
It is still unclear what role Lambda will play in the development of the mining giants who just recently announced a record ICO launch to hold later this year.
Bitmain continues to diversify funds
Given its current valuation, it is logical for Bitmain to diversify its holdings. As it plans to expand its reach this year, Bitmain Technologies has already led several investments.
This year has seen the mining giants invest in a long list of projects including a $50 million into the upcoming Initial Public Offering (IPO) of internet browser Opera.
Asides cryptocurrencies, the mining giant has also stated its invest in other innovative technology areas, such as artificial intelligence.