German crypto mining giant Northern Bitcoin enters into a “strategic” pact with Rawpool
Germany’s Northern Bitcoin AG, a company focused on the Bitcoin blockchain announced on Monday that it has signed a comprehensive "strategic" cooperation agreement with wallet and payments app created by China-based Rawpool Group. The agreement between the Munich-listed company and the Bitcoin Cash (BCH) miner, effective from Monday, also covers mining operations and cryptocurrency exchanges.
Shares of the Frankfurt-based mining giant saw a spike of 2.8 percent after the news got public. As per the release, Northern Bitcoin will join forces with Bpal to launch the Bpal Wallet in the European market. Bpal Wallet is a digital application for the storage of cryptocurrencies, which also permits the receipt and dispatch of crypto money.
Besides the introduction of the digital wallet in the European Union market, Bpal, together with Northern Bitcoin, intends to foster worldwide cooperation with financial institutions such as banks and stock exchanges within the range of cryptocurrencies.
Speaking on this latest partnership, Mathis Schultz, CEO of Northern Bitcoin AG said:
"The strategic collaboration with Rawpool takes us into a whole new dimension. It is great evidence of the impressive growth momentum that we, as the world's leading sustainable Bitcoin mining company, have developed successfully in the shortest possible time."
Echoing similar optimism, David Li, founder and CEO of the Rawpool Group said:
"With Northern Bitcoin, we have found the perfect partner to introduce our rapidly-growing activities to the European market. We see our agreement as the start of a great partnership and are aware that we can dominate the market with combined forces."
According to the release, Rawpool will use its leading market position to provide the Frankfurt-based company with access to low-cost mining hardware. In addition, the two companies will work together to further develop the mining facilities in Northern Europe and to negotiate energy costs at the sites.
Northern Bitcoin AG which is witnessing rapid growth in its operations plans to use the deal to expand its mining operations in Norway via negotiated lower energy costs. The mining giant is also planning to establish a joint crypto exchange in Europe in partnership Bi.Top Exchanges. Bi.top offers the world's first complete ecosystem for the exchange of digital assets, adding significant value over existing crypto exchanges.
Image via Shutterstock
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