San Francisco blockchain tech provider BitFury Group and Hong Kong FinTech firm Credit China Fintech Holdings Limited this week announced the launch of a joint effort in the Chinese market. The deal represents BitFury Group’s first major foray into China, and will see Credit China Fintech invest $30 million to establish the venture and purchase shares of BitFury.
Credit China Fintech has already been exploring blockchain technology with some of its payment and p2p lending platforms, and has acknowledged that it has an operable prototype blockchain payment system at the company’s research lab. The collaboration with BitFury Group is designed to facilitate the sale of BitFury Bitcoin mining hardware and work to better promote blockchain technology throughout China. According to a press release dated January 25, 2017, Credit China Fintech will also use the joint venture to more effectively enhance its own adoption of the technology.
Credit China Fintech Vice-Chairman and CEO Mr. Phang Yew Kiat commented on the venture:
"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, taking Credit China Fintech to a new level of competitiveness."