Dechert Advises GCF on High-Profile Bitcoin Technology Funding

October 15, 2014

A cross-border team from global specialist law firm Dechert LLP advised the Georgian Co-Investment Fund (“GCF”) on its participation in an additional US$20 million funding round for BitFury Group, the leading Bitcoin infrastructure provider and Bitcoin transaction processing company, which closed in under a week.

BitFury expects to use the proceeds to strengthen its leadership in cryptocurrency transaction processing. In addition to rolling out its next generation 0.2 J/GH chip, BitFury will use the secured funds to increase its data centers’ capacity to 100 megawatts, allowing the company to maintain significant market share in the Bitcoin transaction processing market.

An existing BitFury investor, GCF participated in this latest financing. The majority of the funds came from external sources, including prominent venture capitalist Bill Tai, former VeriFone CFO Bob Dykes, and Google Maps co-founder Lars Rasmussen.

GCF is a US$6 billion private investment fund, with the mandate to provide investors with unique access through a private equity structure to opportunities in Georgia’s fastest growing industries and sectors.

The Dechert team in this transaction included partners Nicola Mariani (Tbilisi, lead partner) and Charles Malpass (London), as well as Archil Giorgadze (national partner, Tbilisi) and associates Catherine Gooding, Andrew Harrow, Iona Friedberg (London) and Tamar Morchiladze (Tbilisi).

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