Blockchain unicorn Bitfury sets up AI unit to analyze data

Layer 1s • August 13, 2019, 5:10AM EDT
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Blockchain company The Bitfury Group, which recently hit a valuation of over $1 billion, has launched an artificial intelligence (AI) unit to dig into data.

“Data is becoming the next oil,” Valery Vavilov, Bitfury co-founder and CEO, told Reuters in an interview published on Tuesday. He added that the firm has collected “so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

And to trust that data, blockchain technology is needed, according to Vavilov. Bitfury’s AI unit is reportedly still exploring the range of products it would offer, with more details expected by the end of this year or the beginning of next year.

Bitfury is backed by notable investors, having raised $80 million from venture firms including Galaxy Digital, Macquarie Capital and Dentsu. The blockchain company was also exploring to hold an initial public offering or IPO last year, possibly in Amsterdam, London, or Hong Kong.

TAGS
AI

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Yogita Khatri