Bixin announces Bitcoin fund of funds worth US$66 million
Chinese BTC mining behemoth Bixin revealed its new large fund of funds. It is going to set aside 6600 BTC for the large project - approximately 66 million in Us dollars.
Bixin announced that it plans to fund trading funds that base their fundamental strategies on trend analysis, BTC futures and arbitrage.
Giving more market making potential and liquidity to the desks of this type is supposed to strengthen Bixin position on the market. The company also proclaimed its “unwavering commitment” to the largest cryptocurrency.
Bixin was launched back in 2014 by Wu Gang. He began mining in 2009, during the early stages of the cryptocurrency. Since then Bixin turned into one of the dominant Chinese BTC wallet and mining companies.
In the end of 2018 and the beginning of 2019 the company boosted its investment in self-mining. Now it is running facilities of around 300 megawatt-hour, approximately 3000 PH/s. Their efforts contribute around 2.5% of Bitcoin overall computing power network.