NEW YORK (Reuters) – European blockchain company The Bitfury Group, valued recently at more than $1 billion, has launched its artificial intelligence (AI) division, the company’s top official told Reuters in an interview.

FILE PHOTO – Delegates walk near an exhibition stand of Bitfury, a full-service blockchain technology company, at the Malta Blockchain Summit in St Julian’s, Malta November 1, 2018. REUTERS/Darrin Zammit Lupi

The AI division will operate alongside Bitfury’s existing blockchain services and remain part of the company.Bitfury is one of a handful of blockchain companies around the world with at least a $1 billion valuation. That list includes Coinbase, a U.S.-based exchange, and China’s Bitmain, the largest cryptocurrency mining firm in the world.

Valery Vavilov, chief executive officer and co-founder of Bitfury, said the need to analyze and extract value from tons of available data drove the company to go into artificial intelligence, that branch of computer science that emphasizes the creation of…

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Source: http://feeds.reuters.com/~r/reuters/technologyNews/~3/WMUO6RdsVRM/european-blockchain-company-bitfury-launches-artificial-intelligence-unit-idUSKCN1V30CW