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Cryptocurrencies

Bitfury launches artificial intelligence unit

Tuesday 13 August 2019 | 10:50 AM CET

The Bitfury Group, a Europe-based blockchain company, has launched its artificial intelligence (AI) division.

The AI division will operate alongside Bitfury’s existing blockchain services and remain part of the company. Along with Coinbase, a US-based exchange, and China’s Bitmain, a large cryptocurrency mining company, the blockchain company is one of a handful of blockchain companies around the world with at least a USD 1 billion valuation, according to Reuters.

The need to analyse and extract value from tons of available data drove the company to go into artificial intelligence. Artificial intelligence is one of the tech sectors that attracted large funding so far in 2019. Citing research company CB Insights, Reuters mentioned that the second quarter of 2019 saw a record of USD 7.4 billion invested in AI startups, with the majority going to transportation and health care-related companies.

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