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The blockchain startup secures funding from one of the largest bitcoin mining chips manufacturer and is now planning to raise $5 million in its token sale.
The China-based crypto mining hardware giant Bitmain has invested an undisclosed sum in Lambda, a Singapore’s startup offering blockchain data storage solutions. According to the press-release published by Lambda on August 17, the investment will go on the production of decentralized infrastructures and distributed applications (DApps).
Lambda is a scalable and high-speed blockchain infrastructure project that offers data storage capabilities to decentralized apps and provides such services as cross-chain data management, multi-chain data cooperative storage, provable data possession (PDP), data privacy protection, and distributed intelligent computing through logic decoupling and implementation of Lambda Chain and Lambda DB.
Earlier this month, Lambda started an ICO campaign following the closure of its private sale. The startup managed to secure funding from FunCity Capital, BlueHill, Zhen Fund, BlockVC, Metropolis VC, DATA Foundation, Dfund, and others.
“Bitmain has demonstrated its commitment to expanding strong, DApp blockchain companies such as Lambda,” said Lambda’s CEO, Xiaoyang He. “This investment from a global industry leader is a significant endorsement and recognition of Lambda’s long-standing dedication in creating a world-class blockchain-based storage solution.”
Currently, Bitmain is one of the largest producers of crypto mining equipment, holding over 75% of the ASIC market share. Also, the company operates the globe’s major cryptocurrency mining pools like BTC.com, connectBTC, Antpool, and hashnest.com. Some members of the mining community even raised concerns that the company may soon occupy more than 50% stake in the bitcoin hashrate.
After completing its Series B funding round last month, the company was estimated at around $12 billion. As of Q1 2018, Bitmain’s net profit totaled over $1 billion, whilst in 2017 it gained between $3 and $4 billion in operating profits.
As a spokesperson at Bitmain noted, the company is looking forward to collaborate 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 spokesperson said.
This investment is just one in a series of projects Bitmain participated in this year. Only this month, the company invested $7.5 million in a public chain platform ASCH and also contributed $3 million in tribeOS, a digital advertising startup launched on the Bitcoin Cash blockchain network. Other companies Bitmain recently invested in include Circle ($110 million), Opera ($50 million), and Block.one.
A few days ago, Bitmain announced it will dedicate more than $500 million for the construction of a new mining facility in Texas. The project is part of the company’s strategy to further expand its foothold in North America. The mining facility is planned to open in 2019 and will not be the only one in the US as the company has already started building a new mining center in the state of Washington.