Home News Mining Giant Canaan Seals ‘Hundreds of Millions of Dollars’ in New Funding: Report

Mining Giant Canaan Seals ‘Hundreds of Millions of Dollars’ in New Funding: Report

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Chinese cryptocurrency mining producer Canaan Creative has accomplished a multimillion-dollar funding spherical, native finance information outlet Securities Times reported on March 11.

Canaan, which has not formally confirmed the report, is rumored to have raised an unspecified sum from as but unknown backers.

The dimension of the funding, in accordance with the Times, which cites “informed sources,” lies in the a whole bunch of million of {dollars}, whereas the corporate’s price is reportedly now in the billions of {dollars}.

“From the point of view of market capitalization, after the current round of financing, Canaan’s valuation is worth billions of dollars,” the publication added, likewise with out naming particular figures.

The money injection comes at a well timed juncture for the cryptocurrency mining business. As Cointelegraph reported in November, the market, led by fellow Chinese stalwart Bitmain, has suffered significantly consequently of the continued Bitcoin (BTC) bear market.

Beginning final November, Bitmain started downsizing its operations, withdrawing from some areas and firing staff.

Both Bitmain and Canaan have thus far attempted however failed to clinch an preliminary public providing (IPO) in Hong Kong, with reports subsequently revealing that Canaan may bear the method in New York in Q2 2019.

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