Crypto Mining Giant Bitmain Invests In Blockchain Data Storage Startup Lambda

Blockchain, Investing | August 20, 2018 By:

Decentralized infrastructure startup Lambda has received an undisclosed financial investment from Chinese crypto mining giant Bitmain.

Lambda is a scalable blockchain infrastructure project, which claims to provide decentralized applications (DAPPs), data storage capabilities with unlimited scalability. The platform also offers services such as multi-chain data co-storage, cross-chain data management, data privacy protection, provable data possession (PDP), and distributed intelligent computing through logic decoupling and independent implementation of Lambda Chain and Lambda DB. The stratup launched its initial coin offering (ICO) earlier this month after completion of its private sale, which included funding from FunCity Capital, BlockVC, BlueHill, Zhen Fund, and Metropolis VC, among others.

“Bitmain has demonstrated its commitment to expanding strong, DApp blockchain companies such as Lambda,” said Xiaoyang He, CEO of Lambda. “This investment from a global industry leader is a significant endorsement and recognition of Lambda’s long-standing dedication in creating a world-class blockchain-based storage solution.”

Bitmain holds one of the most significant market shares in crypto mining equipment, with estimated profits for 2017 between $3 and $4 billion. It also operates the largest cryptocurrency mining pools worldwide, Antpool, and connectBTC, as well as, a cloud mining platform. The company recently closed a $1 billion pre-initial public offering (IPO) funding round, which valued the firm at $15 billion.

“Storage is an interesting development area in blockchain infrastructure and Lambda’s technology vision, pragmatic roadmap, and progress to-date have been key factors for us,” said a spokesperson at Bitmain. “We look forward to working with Lambda.”