The Bitfury group is set to expand its operations into Paraguay. The company will partner up with the Commons Foundation, which is set in Seoul, South Korea. Both the companies are set to open and operate a Bitcoin center that will process transactions in Paraguay.
According to the official reports, the partnership is part of the “Golden Goose project”, which was created by the Commons Foundation. The idea is to create a large crypto center that can be used for both mining and exchanges. The project has the official backing of the country’s government and will receive tax benefits.
The sites will use BlockBox AC, a Bitfury mobile data center that will be powered by a local hydroelectric power plant in the country.
Because of the renewable energy available in the country, Paraguay is a pretty good destination for the companies, as their business is pretty energy intensive. The power plant that will be used in the project, which is called Itaipu, is one of the largest hydroelectric power plants in the continent. Another power plant that will be used is Yacryeta, which is near.
The CEO of Bitfury, Valery Vavilov, has affirmed that the company is focused on using innovation and strategy to be around the whole world. According to her, Bitfury has always prioritized a global decentralization of the Bitcoin network and the company is ready to introduce its services to Paraguay.
Sandra Vera, from the Commons Foundation, has affirmed that Paraguay is currently exploring new ways to use the emerging technologies and that the local economy will benefit from being allied with companies that represent this innovation.
The facilities of the installation will have about 200,000 square meters and will be powered by both stations. All the energy used will be renewable, too.
Bitfury and the Commons Foundation are also set to collaborate on other important initiatives. One of them is the launch of a global crypto exchange that is aimed at the end of 2019.
The two companies plan to create an exchange that will cater to users in Latin America, a region that does not have a big variety of exchanges at the moment. Most of the ones being used by the people in the region are either international and do not necessarily have a local version or are from local companies with a shorter reach.
According to the official announcement made by Bitfury, the platform will use the Bitfury Crystal analytics in order to whitelist the users via Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.