Bitmain Opens 20,000 Sq. Foot Office In Silicon Valley
The most prized firm in the crypto industry, Bitmain, has opened an office in the Silicon Valley. This is in preparation for the company’s initial coin offering later in 2018. According to reports from the Silicon Valley Business Journal, the company, based in China, occupied a 20,000 square foot office space in downtown San Jose, CA.
The firm occupied the last remaining space at Riverpark Towers office building, an office which has of late become a center for tech startups comprising of companies like WeWork, Okta, and Cohesity. The company’s spreading out into Silicon Valley did not come as a surprise to many.
The most valued company in the crypto industry
This is mainly due to the fact that recently, it realized a $400,000 funding round, also being valued at $12 billion. As a result, it is regarded as the most valuable cryptocurrency firm in the world, in addition to being one of the most privately-owned tech startups. Reports indicate that Bitmain expects to realize as high as $40 billion after it goes public in the not so distant future.
It is highly expected that the decentralization may be the cadence for the crypto bionetwork. This is because firms in the industry have in many ways tended not to venture out into other regions, with many preferring to center themselves near the same physical location as the broader tech industry.
In this particular circumstance, the spreading out is perfectly designed to assist Bitmain realize success of the mushrooming digital empire. In the recent past, Bitmain has been making directed growth into North America. This may also be an indication of the fears surrounding the crypto industry’s indeterminate future in a nation like China. It is for this reason that mining centers have been opened in Quebec and Washington.
Additionally, Bitmain started to make key investments in other similar companies, with the idea of going to Silicon Valley being obviously to be of benefit to its VC arm. In this regard, the company recently invested $50 million in an internationally renowned web browser. In this way, it was able to obtain a controlling stake in the said company.