Chinese crypto billionaire Jihan Wu is expanding into the physical asset space.
Wu’s Bitdeer Technologies Holding Co. spent S$40 million ($28.4 million) buying Le Freeport, a maximum-security vault in Singapore, according to people with knowledge of the matter who asked not to be identified because the transaction was private. Dubbed Asia’s Fort Knox, Wu acquired the repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, the people said.
A representative for Bouvier declined to comment. Wu confirmed the transaction in a text message in response to queries from Bloomberg News. The purchase took place in July, according to records with the accounting regulator.
Wu’s acquisition ends years of Bouvier’s troubled attempts to sell Freeport which is located near Changi Airport. Wu is considered one of the most influential people in cryptocurrency markets, having co-founded the world’s largest miner Bitmain...
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