RiskTech Forum

Bitfury and Commons foundating to launch Bitcoin operations in Paraguay 

Posted: 5 February 2019  |  Source: Bitfury

The Bitfury Group and the Seoul-based Commons Foundation today announced a partnership to open and operate bitcoin transaction processing centers in Paraguay as part of the foundation’s “Golden Goose” initiative to expand cryptocurrency and blockchain innovation in Spanish-speaking countries.

Together, the companies will build a series of transaction processing sites in Paraguay, all using Bitfury’s BlockBox AC mobile datacenters. The sites will be powered by clean energy at the hydroelectrics power plant Itaipú, the world’s largest operational hydroelectric energy producer, and Yacyretá with 20 machines fully in production. Paraguay currently only uses about 50 percent of the clean electricity produced by the two power plants.

“We are committed to increasing the security of the Bitcoin Blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world,” said Valery Vavilov, CEO of Bitfury. “Bitfury has consistently prioritized the global decentralization of the Bitcoin Blockchain and we look forward to helping our partners introduce this industry to Paraguay.”

“We are honored to be bringing our bitcoin transaction processing capabilities to Paraguay in partnership with one of Korea’s most forward-thinking organizations,” said Eun Lee, Head of Bitfury Korea. “Our combined expertise and shared vision to provide best-in-class cryptocurrency solutions will ensure that success of this exciting new venture.”

Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, said the new partnership will bring much-needed innovative to the dynamic country, which is looking forward to receiving foreign investment centered on new technologies.

“Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to advance those efforts,” said Otazú.

Commons Foundation also plans to launch a global cryptocurrency exchange in late 2019 to bring further innovation to Paraguay and help build a blockchain ecosystem in Latin America. The exchange will use Bitfury’s Crystal analytics platform to conduct KYC/AML procedures for its clients.