Crypto Miner Bitdeer Buys Storage Facility Le Freeport for $28M

Facebook
Twitter
LinkedIn

Bitdeer, a mining company owned by Bitman co-founder Wu Jihan, spent Singapore dollars $40 million (about US$28.4 million) in July to acquire Le Freeport, the highest-security storage facility in Singapore, according to Bloomberg.

Wu Jihan himself has confirmed the transaction.

Formerly known as Singapore Freeport, Le Freeport is highly secure storage and display facility in Singapore.

Wu, known as Asia’s Fort Knox, has acquired a repository of art, precious gems and bullion from Swiss art dealer and shareholders led by founder Yves Bouvier, people familiar with the matter said.

Le Freeport cost S$100 million (nearly US$71 million) to build and opened in 2010. About three-quarters of the purchase price went to creditors, including DBS, while Yves Bouvier, who once held a 70% stake in Le Freeport, and other shareholders received about S$5 million after paying down debt and paying costs, people familiar with the matter said. (nearly $3.55 million)

Last year, Bitman co-founder Wu Jihan officially announced that he would be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

Bitman co-founder Wu Jihan has officially announced that he will be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited, as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

After the settlement, Wu will lead Bitdeer, a cloud mining company in Norway and the United States, which was spun out of Bitmain. He will serve as the company’s chairman and Kong Linghui will serve as the new company’s chief executive officer.

Image source: Shutterstock

Source link

More to explorer

Leave a Comment