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DLT-Friendly Asset Manager Azimut Invests €105M in Alps Blockchain – Ledger Insights
Yesterday Italian asset manager Azimuth announced that it has invested 105 million euros ($113 million) in the debt of Blockchain of the Alpswhich provides infrastructure for mining Bitcoin using mainly renewable energy. Azimut is an investor in the digital asset bank Sign and is active in tokenization efforts.
By Azimuth The investment in Alps Blockchain was made via a five-year guaranteed bond via a Luxembourg special purpose vehicle.
The startup’s name comes from the Italian Alps, where it located its first mining farms to harness hydroelectric power. The company then argues that it can reduce mining power consumption when the grid needs more power and increase usage when there is excess hydroelectric power. It now has mining farms in Paraguay and Ecuador that use a very similar model, plus another in Oman.
Over the past three years, the number of installed mining machines has grown from 2,500 to over 15,000. The company had revenues of €697,000 in 2020, which grew to €17.3 million in 2022 and €43.6 million ($47 million) last year with a positive EBITDA.
“We are excited to strengthen our relationship with Alps Blockchain, whose goal is to make mining more sustainable, and to offer our clients the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself worldwide,” said Giorgio Medda, CEO and Global Head of Asset Management & Fintech of Azimut Group, adding that the asset manager has invested 350 million euros since 2022 in the global and sustainable energy transition.
Azimut embraces DLT
In the meantime, Azimut has adopted multiple tokenization solutions. FundsDLT, the platform on which Deutsche Börse Clearstream acquiredoriginally launched with Azimut Investments. Azimut has also participated in Allfunds’ Blockchain initiatives. It was part of the go-live of FAST by Allfunds solution, which enables data sharing between fund industry participants. It has also partnered with Allfunds and BNP Paribas to Tokenize Units of one of his funds.