Fatfish to acquire 51% stake in Singapore startup APAC Mining

ASX-listed internet venture builder Fatfish Internet Group, which targets consumer Internet, blockchain and cryptocurrency enterprises, has agreed to pay $1 million for the acquisition of a controlling stake of 51 per cent in Singapore-based startup APAC Mining.

The investment will be funded from existing cash reserves of Fatfish and will see Group CEO Kin Wai Lau and its director of crypto financial markets, Phillip Lord, join the board of APAC Mining.

APAC Mining was set up to invest and manage large-scale high-end computing facilities in Asia to conduct cryptocurrency mining.

Its first facility will be developed in Malaysia, which has a relatively low electricity tariff for industrial use. The company has proposed an active management strategy involving the mining of highly liquid cryptographic virtual currencies such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero and ZCash.

Investment proceeds from this will see APAC Mining procure computing equipment and establish a secure location for computing farms in Malaysia’s commercial centre of Kuala Lumpur. It also plans for an additional computing farm in Mongolia.

According to APAC Mining, the Malaysian computing farms will have hashpower up to 4,500 trillion hashes per second to enable it to mine 150 units of Bitcoin cash tokens a month.

Cryptocurrency mining involves the use of computing power to calculate complex mathematical solutions that underpin cryptographic digital token transactions on a blockchain network.

This computing power supports the distributed ledger that provides an accounting and verification of the various transactions of virtual currency tokens on the network, with the miners – those who submit computing power – earning transaction fees and receiving reward tokens from the blockchain network.

The ASX-listed venture builder has been building its cryptocurrency capacities in recent months. This latest investment in APAC Mining follows a seed investment Singapore-based Kryptos-X, a cryptocurrency exchange, as well as making an investment in CryptoFoundry.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.