27 April 2018 – HONG KONG – Diginex Limited, a multinational crypto-asset investment services and distributed ledger technology company headquartered in Hong Kong has sold a 51% stake of its cryptocurrency mining and high performance computing (HPC) operation to Hong Kong listed Madison Group Holdings (8057.HK), the retailer of alcoholic beverages with investments in blockchain companies.
Mining cryptocurrencies is a term used to describe the creation of cryptocurrencies through the validation of transactions on certain blockchains. “Miners” provide the computing power to do this validation through complex problem solving and are awarded with coins.
An MOU between the two companies detailed other synergies, including the leveraging of Diginex’s proprietary platform DigiAssets that can be used for holders of cryptocurrencies to purchase high value wines and other assets.
The USD 60 million investment by Madison allows Diginex to fast track the expansion of their GPU mining operations in Western Europe in partnership with leading hardware suppliers, power and security providers in order to build one of the world’s most secure and efficient GPU-based cryptocurrency mining and HPC data centers.
Miles Pelham CEO of Diginex stated: “this cash injection allows us 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.”
Diginex, privately owned, is a full services provider for Distributed Ledger Technologies (DLT) with offices in Hong Kong, Switzerland, Germany and Japan. Diginex covers all aspects of the DLT ecosystem with mining and high performance computing (HPC) operations in Asia, Switzerland and Sweden; blockchain consulting, ICO advisory, smart contract design and provision; cryptocurrency payments and other DLT solutions, as well as crypto-asset investment services.