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(Reuters) – Bitcoin mining company Genesis Digital Assets said on Tuesday it had raised $431 million in a funding round led by crypto-focused investment firm Paradigm, taking advantage of rising investor interest in the cryptocurrency sector.
The round also included bitcoin-focused financial services firm NYDIG, crypto firm FTX, venture capital firms Ribbit and Electric Capital and UK-based private equity fund Kingsway Capital.
Kingsway Capital had also invested $125 million in Genesis Digital Assets in July to help to aid the miner’s expansion.
Despite wild price swings and a punishing mid-year slide, several institutional investors have dived into the cryptocurrency space this year in a boost for prices of bitcoin and other digital currencies.
FTX in July raised $900 million at a valuation of $18 billion.
Active since 2013, Genesis has mined more than $1 billion in bitcoin and recently bought 20,000 mining machines from China-based manufacturer Canaan Inc to ramp up its North America and Nordic operations.
The company said it expected to reach a data center capacity of 1.4 gigawatts by the end of 2023, compared with more than 170 megawatts as of September.
Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Aditya Soni
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