Bitcoin Mining Hardware Manufacturer Bitmain to Invest $50 Million in Opera Browser’s IPO

Francisco Memoria
  • Opera Ltd, the company behind popular web browser Opera, is reportedly going to launch an IPO.
  • Bitcoin mining hardware manufacturer Bitmain willl reportedly invest $50 million in the company.

Last week, Opera Ltd., the parent company of Opera Software, a company that makes and operates the mobile and desktop browser Opera, has recently filed for an Initial Public Offering (IPO) with the US Securities and Exchange Commission (SEC). Bitcoin mining hardware manufacturer Bitmain is said to be investing $50 million.

Opera’s move, according to Reuters, will see the company raise up to $115 million. It will list its American Depositary Shares on the Nasdaq stock exchange under the ticker “OPRA.” Its products, per reports, have over 320 million active users per month, giving it a 1.5 percent share of the web browser market.

The company is said to be planning on selling $50 million to Tosping Technology Ltd., and another $10 million to two other buyers. Tospring is also known Bitmain, a company that reportedly had a profit of $3 to $4 billion last year.

Opera itself isn’t notably closely related to the cryptocurrency ecosystem, but has offered its users attractive tools in its browsers. These include cryptojacking protection that stops malware from using their CPU resources to mine cryptos, and a currency converter that works with cryptocurrencies.

The software company will reportedly use the IPO’s proceeds on research and development (R&D), marketing, strategic partnerships, and working capital. Its products automatically block ads, so Opera makes money through agreements with various partners.

In 2016, Opera made $107 million in revenue, but lost $12.7 million that year. Last year, it made $129 million in revenue, out of which $6.1 million were profit. Bitmain, as CryptoGlobe covered, has been developing operations outside of China, in the US.

As reported the company, led by 32-year-old Jihan Wu, was considering its own IPO last month, as it was looking to expand even further Currently, its mining operations concern some in the BTC community, as its mining pools come close to having 51 percent of the network’s hashrate.

Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam

Michael LaVere
  • Over 5,000 Ugandan citizens petitioned Parliament to issue a refund over funds lost in Dunamiscoins Resource Ltd. closure.
  • Cryptocurrency firm shuttered operation in late December, reportedly taking UGX 23 billion in client funds. 

Over 5,000 Ugandan citizens have petitioned Parliament following a high-profile scam by cryptocurrency firm Dunamiscoins Resource Ltd. 

According to a report by KMA Updates, more than 5,000 Ugandans submitted a petition seeking a refund over money invested in Dunamiscoins, which suddenly shuttered in December 2019. The fraudulent crypto firm billed itself as a privately owned company and claimed it was committed to providing complimentary crypto services to banks in order to benefit the low income and poor. 

In late 2019, Dunamiscoins’s bank account was suddenly frozen, with petitioners arguing that more than UGX 23 billion ($6.2 million) in client funds was locked in the firm. 

Arthur Asiimwe, de facto leader of the petitioners, told the Speaker and members of Parliament, 

[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.

Asiimwe and other petitioners argued that Dunamiscoins was operating as a microfinance company despite being registered as a non-deposit financial institution. While two of the company’s three directors have been arrested, Managing Director Susan Awoni remains at large. 

Asiimwe continued, 

We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.

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