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Singapore’s Fort Knox is purchased by Jihan Wu-Backed Crypto Miner Bitdeer for $28.4 million

According to sources, Bitdeer Technologies, a company that mines digital currency, paid $28.4 million for the high-security Le Freeport storage and display facility in Singapore. After news broke that the mining company had bought Le Freeport, Bitdeer’s chairman, Jihan Wu, texted to confirm the purchase of the vault.

The vault was initially built to resemble the high-security storage vaults in Geneva and Luxembourg. The “Singapore’s Fort Knox for fine art and collectibles” moniker has also been applied to Freeport. The newest acquisition by Bitdeer paid off a sizeable amount of debt to creditors like DBS and the vault’s former owner Yves Bouvier. Freeport was initially constructed for S$100 million.

Bitdeer buys Le Freeport’s Maximum Security Vault. DBS from Yves Bouvier
Jihan Wu, a co-founder of Bitmain Technologies, left the business and co-founded Matrixport. He now serves as the chairman of Bitdeer Technologies. Bloomberg reported that the utmost security vault known as Le Freeport cost Bitdeer S$40 million ($28.4 million), citing persons familiar with the situation.

The high-security storage facility has a huge number of well-known corporate clients, and the vault has been up for sale since 2017. Prior to 2018, more than a third of Freeport’s storage space was rented by the opulent auction house Christie’s. Over $8.9 billion in gold bullion was once stored at Freeport thanks to leverage used by Deutsche Bank.

Bitdeer has made a number of business decisions during the past year, including investing $25 million in a Texas-based plant in May 2021. The cloud hosting service, which “allows retail miners to produce cash with one mining computer,” was introduced by Bitdeer five days later.

The other shareholders of Bouvier and Freeport “got roughly S$5 million from the deal,” according to Bloomberg’s Ranjeetha Pakiam, Chanyaporn Chanjaroen, and Zheping Huang. The sources do not specifically state what Bitdeer plans to do with the plant, but Jihan Wu later texted the Bloomberg authors to confirm the Freeport acquisition after the initial report.

Bitdeer disclosed the Antbox goods for the business towards the end of June 2021, and in October of last year, the business unveiled Filecoin mining services. The same sources that revealed Bitdeer is looking at going public through a Special Purpose Acquisition Firm (SPAC) deal via a blank check company were also the ones who revealed the most recent acquisition of Freeport in Singapore.

Not all cryptocurrency companies have purchased high-security vaults or bunker systems, including Bitdeer. Just as extravagant is Xapo’s bunker in the Swiss highlands, where purportedly wealthy kept their bitcoins. Arsenal Digital Holdings (OTCMKTS: ADHI), a bitcoin mining company, reportedly bought an underground data centre north of Houston last week, according to sources. Some people believe it to be the iconic two-story underground campus fallout shelter built by Westland Oil.

News Summary:

  • Singapore’s Fort Knox is purchased by Jihan Wu-Backed Crypto Miner Bitdeer for $28.4 million
  • Check all news and articles from the latest Business news updates.
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