Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.four Million – Bitcoin Information

Sources have disclosed that the digital foreign money mining operation, Bitdeer Applied sciences, has bought a high-security storage and show facility in Singapore referred to as Le Freeport for $28.four million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition by way of a textual content message following the experiences that exposed the mining agency bought Le Freeport.

Bitdeer Purchases Most Safety Vault Le Freeport From Yves Bouvier, DBS

After the co-founder of Bitmain Applied sciences Jihan Wu left the corporate, he co-founded a agency referred to as Matrixport and he’s additionally the chairman of Bitdeer Technologies. In accordance with a report printed by Bloomberg, that cites sources acquainted with the matter, Bitdeer paid S$40 million ($28.four million) for the utmost safety vault generally known as Le Freeport.

The vault was initially constructed to be similar to the high-security storage vaults situated in Luxembourg and Geneva. Freeport has additionally been dubbed “Singapore’s Fort Knox for wonderful artwork and collectibles.” Freeport was initially constructed for S$100 million and the most recent acquisition by Bitdeer paid off a big quantity of debt to collectors like DBS and the vaults former proprietor Yves Bouvier.

The vault has been on the market since 2017, and the high-security storage facility has had numerous well-known company shoppers. Earlier than 2018, the posh public sale home Christie’s as soon as rented greater than a 3rd of Freeport’s cupboard space. Deutsche Bank as soon as leveraged Freeport to deal with greater than $8.9 billion in gold bullion.

Bloomberg’s Ranjeetha Pakiam, Chanyaporn Chanjaroen, and Zheping Huang element that Bouvier and Freeport’s different shareholders “acquired about S$5 million from the sale.” Nevertheless, the sources don’t disclose what Bitdeer goals to do with the ability, however following the preliminary report, Jihan Wu confirmed the Freeport buy with the Bloomberg authors by way of textual content.

Over the last yr, Bitdeer has been making quite a few enterprise strikes like investing $25 million right into a facility based mostly in Texas in Might 2021. 5 days later, Bitdeer announced cloud internet hosting, which permits “retail miners to generate income with 1 mining machine.”

On the finish of June 2021, Bitdeer revealed the corporate’s Antbox merchandise and final October, the corporate introduced Filecoin mining providers. The sources who disclosed the most recent acquisition of Freeport in Singapore, additionally detailed that Bitdeer is researching going public by way of a Particular Goal Acquisition Firm (SPAC) deal by way of a clean test firm.

Bitdeer isn’t the one crypto agency to buy a high-security vault or bunker system. Xapo’s bunker within the Swiss mountains is simply as extravagant and reportedly millionaires saved their bitcoins there. Final week, reports indicated that the bitcoin mining operation Arsenal Digital Holdings (OTCMKTS: ADHI) acquired an underground information middle outdoors Houston. Some folks suspect it’s Westland Oil’s notorious two-story subterranean campus fallout bunker.

What do you concentrate on Bitdeer buying ‘Singapore’s Fort Knox’ in any other case generally known as Le Freeport? Tell us what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right now.