Tech 30 April 2018

Gerald Fenech

Alcohol company Madison Group pours $60M into crypto miner Diginex

The cryptocurrency and blockchain space appears to be getting crowded of late with several multinational companies and other large entities looking to pounce on what is proving to be a considerable investment opportunity, even amid the negative press that the market has had over the last few months.

The latest news in the acquisitions and sales market comes from Hong Kong. Diginex, a multinational crypto-asset investment services firm, announced that it has sold 51% of the company’s stake in the cryptocurrency and mining field to another Hong Kong-based firm, Madison Group Holdings.

Diginex is heavily invested in blockchain or distributed ledger technology (DLT), and it is slightly curious that they should sell their stake to a company who is better known for the retail of alcoholic beverages. The price for a 51% stake in the company was around $60 million. Undoubtedly Madison Group see a considerable potential in the cryptocurrency mining business, which has taken the world by storm of late. In fact only last week, multinational companies Samsung and AMD have reported record turnover and profits from their mining-related operations, largely through the sale of semiconductor chips.

The Memorandum of Agreement signed by the two companies listed other synergies, including the leverage of Diginex’s proprietary platform DigiAssets, which can also be used for cryptocurrency owners to purchase wines of high value as well as other assets. Madison’s investment will allow Diginex to continue rolling out their GPU mining operations in Western Europe in partnership with several hardware suppliers, as well as power and security providers—with a goal of building efficient mining and high-performance computing (HPC) data centers for cryptocurrencies.

In a statement, Diginex CEO Miles Pelham said Madison Group’s cash injection will allow the company “to expedite our steps towards becoming the global provider of Distributed Ledger Technologies. We will continue to build out our mining operations in Sweden and Switzerland, but also focus on helping corporates and governments across the world to implement transformative DLT applications.”

Privately-owned Diginex described itself as a full services provider for distributed ledger technologies, operating out of Hong Kong, Switzerland, Germany, and Japan. The company offers all DLT ecosystem services with mining and HPC operations in Asia, Switzerland and Sweden, as well as blockchain consulting, ICO advisory, smart contract design and provision together with cryptocurrency payments and crypto-asset investment services.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Google Play warns customers of fake cryptocurrency apps

Tech 24 May 2019

Google Play warns customers of fake cryptocurrency apps

Google has caught two apps that were pretending to be popular crypto wallets, one of which was trying to steal user funds.

Read More
Rabobank opts to close cryptocurrency account plans

Tech 24 May 2019

Rabobank opts to close cryptocurrency account plans

Rabobank have decided not to offer crypto wallets, citing regulatory uncertainty and skepticism from their customers.

Read More
Proxicoin to allow anyone to become a movie producer

Tech 24 May 2019

Proxicoin to allow anyone to become a movie producer

A big investment in Proxicoin promises that it will offer new investment opportunities to film, TV and music fans.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]