Microsoft-Led Consortium Invests $1.3B in Decentralized Storage Facility in China to Mine FIL

Microsoft-Led Consortium Invests $1.3B in Largest Decentralized Storage Facility in China to Mine Filecoin (FIL)

Chinese tech consortium IPFS Union is investing over $1.3 billion to build China’s largest decentralized storage in Jiangxi Province of Fuzhou City. As part of its “Big Data Industrial Park” project, the facility will mine Filecoin (FIL), a peer-to-peer data storage platform, allowing users to buy and sell storage without a third party, a blog post by Filecoin read.

Filecoin has been attracting wide attention across China in the past few months since the network upgraded to mainnet. According to the post, this mining facility is expected to be the largest distributed storage facility in China to boost the union’s vision in big data.

The consortium boasts of some big tech players such as Microsoft, AMD, Huawei, Alibaba, and SAP leading the globe in cloud storage, large cluster data management, and internet infrastructure for the past ten years.

“We’ve been active in the blockchain space since 2016, primarily focused on digital currency investment, but not really participating in development.”

“We were looking for a project with both investment value and a mature ecosystem.”

Filecoin has been one of the top performers so far across the crypto market, popping into the top 15 largest cryptos by market cap earlier in the year. The project was added to Grayscale’s Investment Trust shortly after gaining a listing on Coinbase Pro in December.

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Author: Lujan Odera

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