News in general sports,aus,world-football,auburn-grizzlies,royal-football source ABC News (AU) title Aussie mining company to get $1m loan by pension fund from UK article News,aos,world,football,national-football article AUSTRALIA The Australian Securities and Investments Commission (ASIC) has approved a $1 million loan from the UK’s Royal Bank of Scotland to invest in a new cryptocurrency mining company.
The fund, which is based in Melbourne, will invest $300 million over the next 10 years in the mining of cryptocurrencies.
The RBS-backed investment will also fund a blockchain company called Xunmining that will make the cryptocurrency mining process cheaper.
The company, called XUnmining, was launched last year and was the first Australian company to create a blockchain-based mining system.
“The RBS loan is an investment in the long term growth of Xunminer and a significant commitment to Australian technology, innovation and jobs,” the fund’s managing director, Mark Wilson, said in a statement.
“Xunminers innovative technology will enable us to take our technology to a whole new level, and enable us in the future to provide our customers with faster and cheaper processing, storage and other services.”
Mr Wilson said the investment was an “exceptional contribution” to Australian innovation.
“In Australia we’re the only country in the world that has a blockchain and blockchain-enabled infrastructure, so it’s exciting that our investment in Xunmine is now providing us with an opportunity to build a blockchain technology ecosystem in Australia and beyond,” he said.
“We hope this will allow us to build on our strong reputation for developing blockchain-driven solutions for Australia.”
Xuncoin is the first Bitcoin-based cryptocurrency mining system to launch in Australia.
The new project, which will have its first coin available to investors on the market on December 1, will be based in the UK and operate from the same premises as the Australian cryptocurrency mining firm.
The Xunmint project will use the blockchain technology of the Xunchain, a British-based startup.
“It’s a fantastic day for Xun miners to be investing in the creation of a new generation of mining equipment,” Xun Mining CEO Alex Risley told CoinDesk.
“Our company is well positioned in the blockchain space, and Xun mint will provide a valuable resource to our team, the Australian mining community and the cryptocurrency ecosystem at large.”
He said XunMiners technology was developed using the blockchain, which uses public data to record transactions and to prevent double-spending.
The project, Mr Rislay said, would not only help Xun mining “be a leading supplier of mining hardware for cryptocurrency miners, but also to further diversify Xun’s portfolio of services”.
The Xune, or “New York”, blockchain system was designed to speed up the processing of transactions on the Bitcoin blockchain, and the company has been working on this project since March.
“This is a big milestone for Xen, the team, and for the future of Xen,” Xune chief executive John Fong said in the announcement.
“I can’t wait to see what the future holds.”
The RBA said in March that it was committed to building “a digital infrastructure that is capable of supporting the growing demand for financial services, in addition to enabling the digital economy to scale.”
“We are confident that the Xune is a strong addition to the growing global network of blockchain-powered financial services,” the RBA added.
The development comes amid a rapid shift in technology.
Blockchain technology, which emerged in 2014, was developed by a team at Google, Microsoft, and others.
It has been described as “the next big thing” in the financial technology space.
In December, Google, which previously led the blockchain revolution, announced that it would be developing a cryptocurrency mining and trading platform that would support cryptocurrencies, bitcoin and ether.
It is now working on a version of the project that will be used by companies like Amazon, Microsoft and Bank of America, among others.
This year saw the launch of two other bitcoin mining projects, which have since been acquired by others.
These include the bitcoin mining company Genesis Mining, which has already raised $100 million in venture capital funding, and a new company called the New York project, based in Switzerland.
Bitcoin mining has grown rapidly in recent years.
According to Blockchain Intelligence, the total number of bitcoins mined in the last 12 months is over $200 million, compared with about $300 in 2016.
Xun is among the first companies to make use of blockchain technology in Australia, with a new project being launched earlier this month in the United States.