UK Investment Company buys $15 million of Bitcoin, Italian bank starts custody and BTC mining in steel plant
Investment Company bought $15 million of Bitcoin
November, Ruffer Investment Company allocated approximately 2.5% of its multi-strategies fund to bitcoin. The amount of roughly $15 million is part of a bigger fund which consists roughly $620 million.
“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,”
The four-paragraph memo was sent to shareholders Tuesday. Ruffer said it has added Bitcoin to its Multi-Strategies Fund, primarily as a defensive move against the “continued devaluation” of fiat money. The allocation was made in November after Ruffer reduced its exposure to gold.
Source: Investigate.co.uk
Ukrainian Oligarch start Bitcoin mining in closed steel plant
Kentucky-based steel plant, CC Metals & Alloys (CCMA), owned by Ukrainian oligarch Ihor Kolomoisky and his business partner Hennadiy Bogolyubov, is starting with the mining of cryptocurrencies in their closed steel mill.
The 70-year-old steel plant closed its core operations in July and laid-off workers. However, it is now mining cryptocurrencies to generate alternate revenue.
A worker of the steel plant said that an entire warehouse of the steel plant was converted into a data center with the installation of computers. An employee confirmed that computers were brought there ‘in whole trucks’ to set up the data center.
The warehouse is estimated to have hundreds, if not thousands, of computers that are mining digital currencies day and night.
Source: Finance Magnates
Banca Generali invests in Bitcoin custody service
Banca Generali will provide bitcoin custody to its customers. Forbes published an article in which they announce an agreement with Conio. The Italian bank bank acquires a $14 million stake in the crypto-focused fintech.
Known as the best private bank in Italy, Banca Generali is part of the Generali Group, one of the world’s top ten insurers with a who’s who of financial institutional shareholders. The bank’s clients are typically high net worth individuals (HNWIs) seeking private banking and wealth management services.
“The growth of bitcoin has drawn more attention to this asset class, particularly among younger customers,”
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