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Usha Yadav
Sep 19, 2022
by Usha Yadav

Chinese Crypto Tycoon-Backed Bitdeer Buys Asia's 'Fort Knox'

crypto billionaire Jihan Wu
Chinese crypto billionaire Jihan Wu is entering the physical asset market. Purchasing Le Freeport, a maximum-security vault in Singapore, cost Wu's Bitdeer Technologies Holding Co.  $40 million ($28.4 million), according to persons who preferred to remain anonymous since the deal was private. According to the sources, Wu purchased the vault for exquisite art, priceless diamonds, and gold and silver bars from stockholders led by Swiss art dealer and creator Yves Bouvier. The vault has been dubbed Asia's Fort Knox.

Bitdeer Acquired Le Freeport

Bitdeer acquired Le Freeport as it sought to go public through a blank check merger. After Bitmain, the largest maker of mining rigs in the world, separated into two businesses, Bitdeer was created. Bitmain was split into two following a messy conflict between the co-founders, Ketuan "Micree" Zhan and Jihan Wu. Wu purchased Zhan's portion, allowing Zhan to keep Bitmain's design and manufacturing company while Wu retained Bitdeer.

Bitdeer Delayed $4B SPAC Deal Again

Before this, Bitdeer was in the headlines due to the fourth delay in a $4 billion SPAC deal. The SPAC company valuing bitcoin miner Bitdeer at $4 billion has requested another three-month extension. The Blue Safari Group, a firm created specifically to make acquisitions, had until June 14 to merge with BitDeer, but they requested an extension, moving the date back to September 14. The union was first disclosed in November 2021.

 

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Jihan Wu Bitdeer 'Fort Knox' Le Freeport crypto tycoon Jihan Wu
Chinese Crypto Tycoon-Backed Bitdeer Buys Asia's 'Fort Knox'
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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