The Bitfury Group announced the partnership with Seoul based Commons Foundation on January 31. The companies will jointly operate bitcoin transaction processing centers in Paraguay as part of the foundation’s ‘Golden Goose’ initiative.
The Bitfury Group posted on Twitter that it is partnering with Commons Foundation to process bitcoin transactions in the country.
Big news: We are launching #bitcoin operations in Paraguay with @Commons_fdn. Together, we will build a series of #bitcoin transaction processing sites in the country with our own BlockBox AC mobile datacenters. https://t.co/kjvJR8UCYU
— The Bitfury Group (@BitfuryGroup) January 31, 2019
Bitfury was founded in 2011 and is the foremost security and infrastructure provider for Bitcoin Blockchain. In addition to providing services to Bitcoin Blockchain, Bitfury also designs and produces innovative hardware that holds cryptocurrencies and blockchains safe, including custom semiconductor chips and mobile data centers.
Commons Foundation is a global community operating to create a Commons ecosystem by researching, supporting, and generating deliberate social changes. Their goal is to implement a peer-to-peer culture, economy, governance, and social model based on sustainable and equitable commons. Commons Foundation provides resources for people to gather, participate, and share in the community context.
The Commons Foundation will utilize Bitfury’s BlockBox AC mobile datacenters, which will provide clean energy to the hydroelectric power plant based in Itaipú. It will be the world’s largest operational hydroelectric energy producer powered by 20 BlockBox AC machines.
Paraguay at present only uses about 50% of the clean electricity produced by two of its major power plants.
According to the announcement, Valery Vavilov, CEO of Bitfury said
“We are committed to increasing the security of the Bitcoin Blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world, Bitfury has consistently prioritized the global decentralization of the Bitcoin Blockchain and we look forward to helping our partners introduce this industry to Paraguay.”
As per the announcement, Commons Foundation also intends to launch a global cryptocurrency exchange in late 2019. It will be a further innovation to Paraguay and help develop a blockchain ecosystem in Latin America. The exchange will use Bitfury’s Crystal analytics platform to handle KYC/AML procedures for its clients.
Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, said “Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to advance those efforts.”
The initiative by Bitfury and Commons Foundation will help benefit the citizens of Latin America. The companies are utilizing blockchain technologies to power the datacenters with clean energy at the hydroelectric power plant.