Crypto industry may surpass the internet, Bitmain co-founder says

Jihan Wu, Chairman of Bitdeer Group and co-founder of Bitmain, recently talked about institutions diving into the digital currency mining world.

According to news.bitcoin.com, at the Second 421 Wet Season Festival and Mining Ecology Conference, Wu stated, “In the long run, the blockchain industry is bullish and is the biggest opportunity. The innovations in this industry may even surpass the internet.”

He noted that the crypto economy is expected to swell as the entry of well-known companies and firms in the crypto sphere continues. But despite the positivity, Wu also stressed that along the way, there will be challenges and that the industry needs to establish credible value.

Developing mining services

Just two weeks ago, the Bitdeer Group announced that it had been granted $12 million funding by the Genimous Technology, the Hong Kong subsidiary of Genimous Investment. The said funding would be allocated to the development of the group’s cloud mining services.

Bitdeer was founded by Jihan Wu and is backed by Sequoia Capital, IDG, and other financial institutions.

Matt Kong, the CEO of the company, said, “Bitdeer Group has made preparations in order to adapt to the mining industry trends and market changes head-on.”

The funding granted to them is expected to put these preparations into good use for the development of their mining services.

Crypto now recognized

Meanwhile, Wu also claimed that digital assets are no longer just fringe and, as a matter of fact, are already recognized by the world’s financial powers.

Talking about the continuing entry of popular companies joining the fold, the Bitmain co-founder said that “this is good for the industry as it indicates that it’s being increasingly recognized by mainstream finance.”

Also, during his presentation at the conference, Wu expressed his confidence that more big-name companies will continue to enter the industry in the future either as a new operational direction for the company or as a new type of financial investment.

 

Image courtesy of Cointelegraph News/YouTube

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