Japan’s Softbank denies involvement with Bitmain mining company 21222
News
Varun
Aug 19, 2018 at 1:07 PM

Softbank, Japan’s trillion dollar multinational holding conglomerate, has put an end to all the rumours stating its involvement with the crypto mining giant, Bitmain. 

Recently, several crypto media sources had reported the involvement of Softbank in an investment deal with Bitmain. Popular Chinese publication, QQ was the first to release a report that clearly mentioned about the deal. The article (translated from Chinese) read,

“The mainland officially completed the Pre-IPO round signing. This round of investors includes Tencent, Softbank [sic], and China Gold. The current round of financing is 1 billion US dollars, and the pre-investment valuation is 14 billion.” 

Following the news, several other media websites such as CCN, Business Insider, Yahoo! Finance and Coindesk also reported about the collaboration. Apparently, it was just a rumour and Softbank wasn’t involved with the mining company at all. Kenichi Yuasa, an official from the Communication Office of SoftBank Group Corp. said,

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”

Further, neither Tencent nor China Gold have confirmed their involvement with Bitmain, which has put the company’s reputation at stake. The alleged deal with Softbank and Tencent had raised Bitmain’s valuation to over $15 billion, which is also facing a threat after neither of the companies confirming the news. With Bitmain’s IPO coming up shortly, this is supposed to play a major role in the company’s valuation.

Image via Shutterstock

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