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Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million – Bitcoin News

Digital currency mining business Bitdeer Technologies has purchased a high-security storage and display facility called Le Freeport in Singapore for $28.4 million, according to sources. Bitdeer chairman Jihan Wu confirmed the acquisition of the vault via text his message, following a report revealing that the mining company had purchased his Le Freeport.

Bitdeer Buys Maximum Security Vault Le Freeport From Yves Bouvier Of DBS

After leaving the company, Bitmain Technologies co-founder Jihan Wu co-founded a company called Matrixport and is also the chairman of Bitdeer Technologies. Bitdeer paid S$40 million ($28.4 million) for the largest security vault known as Le Freeport, according to a report published by Bloomberg citing sources familiar with the matter.

The vaults were originally built similar to the high security vaults in Luxembourg and Geneva. Freeport is also known as ‘Singapore’s Fort Knox for art and collectibles’. Freeport was originally built for S$100 million, but Bitdeer’s latest acquisition has paid off a hefty sum of debt to creditors such as DBS and his former owner of the vault, Yves Bouvier.

Jihan Wu-Backed Crypto Miner Bitdeer Acquires 'Singapore's Fort Knox' for $28.4 Million
Interior of Le Freeport Singapore. Photo credit: SGPMX.

The vault has been on the market since 2017 and has many well-known corporate customers for its high-security storage facility. Prior to 2018, luxury auction house Christie’s once rented more than a third of her storage space in Freeport. Deutsche Bank once used Freeport to store more than $8.9 billion in gold bullion.

Bloomberg’s Ranjeetha Pakiam, Chanyaporn Chanjaroen and Zheping Huang detail that Bouvier and other Freeport shareholders “received approximately S$5 million from the sale.” However, sources haven’t revealed what Bitdeer intends to do with the facility, but following initial reports, Jihan Wu confirmed the purchase of Freeport in a text to the Bloomberg author.

Over the last year, Bitdeer has made a number of business moves, including investing $25 million in a Texas-based facility in May 2021. Five days later, Bitdeer announced his cloud hosting. “

At the end of June 2021, Bitdeer announced its Antbox product, and introduced Filecoin mining service last October. The source revealing his latest acquisition of Freeport in Singapore also detailed that Bitdeer is considering going public through a special purpose acquisition company (SPAC) deal via a blank check firm.

Bitdeer isn’t the only cryptocurrency company to purchase a high-security vault or banker system. His Xapo bunker in the Swiss mountains is just as gorgeous, and the billionaire reportedly kept his bitcoins there. Last week, it was reported that Bitcoin mining business Arsenal Digital Holdings (OTCMKTS: ADHI) had acquired an underground data center outside Houston. Some people suspect it’s Westland Oil’s infamous two-story underground campus his Fallout his bunker.

Tags for this story

Arsenal Digital Holdings, Bitcoin Mining, BitDeer, Bitdeer Chair, Bitdeer Chair, Bitdeer Technologies, Bitmain, Bunkers, Christie’s, Crypto Mining, DBS, Deutsche Bank, Freeport, Jihan Wu, Jihan Wu Bitdeer, Le Freeport, Matrixport, S$40 million , Singapore, SPAC Trading, Vault, Wu Jihan, Xapo, Yves Bouvier

What do you think about Bitdeer’s acquisition of ‘Singapore’s Fort Knox’ aka Le Freeport? Let us know what you think about the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

image credit: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: SGPMX

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Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million – Bitcoin News

Source link Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million – Bitcoin News

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