Singapore-based cryptocurrency mining startup APAC Mining has reportedly raised a $1m investment from Fatfish Internet Group.
Following the transaction, Fatfish will own a 51 per cent stake in the company, according to various reports in the media. The company will also appoint Fatfish crypto financial markets director Philip Lord and Fatfish CEO Kin Wai Lau will join APAC’s board of directors, the articles state.
Capital from the round will be used to buy computing equipment and set up the equipment in a secure location, it said. According to the report, the company will launch operations within two weeks from two locations in Kuala Lumpur. The company can mine a range of tokens, including bitcoin, litecoin and Ethereum.
APAC is also looking to expand its operations to Mongolia, the articles said.
Last year, Fatfish made a $1m investment in to Singapore cryptocurrency exchange Kryptos-X. Following the investment, Fatfish acquired a 27 per cent stake in the company and two positions on Kyptos’ board of directors.
Singapore has already seen a string of activity this year, with Insurance provider Singapore Life acquiring the business portfolio of Zurich Life Insurance. Another recent transaction in the country was blockchain-based real estate investment platform FundPlaces netting a $2m round.
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