Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million – Bitcoin Information

Sources have disclosed that the digital forex mining operation, Bitdeer Applied sciences, has bought a high-security storage and show facility in Singapore referred to as Le Freeport for $28.4 million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition by way of a textual content message following the stories 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 Applied sciences. In keeping with a report printed by Bloomberg, that cites sources acquainted with the matter, Bitdeer paid S$40 million ($28.4 million) for the utmost safety vault often known as Le Freeport.

The vault was initially constructed to be comparable 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 major quantity of debt to collectors like DBS and the vaults former proprietor Yves Bouvier.

Jihan Wu-Backed Crypto Miner Bitdeer Acquires 'Singapore’s Fort Knox' for $28.4 Million
Le Freeport Singapore inside. Photograph courtesy of SGPMX.

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 luxurious public sale home Christie’s as soon as rented greater than a 3rd of Freeport’s cupboard space. Deutsche Financial institution 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 “obtained 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 past 12 months, Bitdeer has been making a variety of enterprise strikes like investing $25 million right into a facility based mostly in Texas in Could 2021. 5 days later, Bitdeer introduced 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 launched Filecoin mining providers. The sources who disclosed the most recent acquisition of Freeport in Singapore, additionally detailed that Bitdeer is researching going public by means of a Particular Objective 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, stories indicated that the bitcoin mining operation Arsenal Digital Holdings (OTCMKTS: ADHI) acquired an underground knowledge heart outdoors Houston. Some folks suspect it’s Westland Oil’s notorious two-story subterranean campus fallout bunker.

Tags on this story
Arsenal Digital Holdings, Bitcoin mining, BitDeer, Bitdeer Chair, Bitdeer Chairman, Bitdeer Applied sciences, Bitmain, Bunkers, Christie’s, crypto mining, DBS, Deutsche Financial institution, Freeport, Jihan Wu, Jihan Wu Bitdeer, Le Freeport, Matrixport, S$40 million, Singapore, SPAC deal, vaults, Wu Jihan, Xapo, Yves Bouvier

What do you concentrate on Bitdeer buying ‘Singapore’s Fort Knox’ in any other case often 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 dwelling in Florida. Redman has been an lively member of the cryptocurrency group 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 concerning the disruptive protocols rising in the present day.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Editorial photograph credit score: SGPMX

Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any harm or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.

Latest articles

Related articles

Leave a reply

Please enter your comment!
Please enter your name here