Cryptocurrency giant Digital Currency Group raises $700 million in funding. Which of course, includes investments from Japanese multinational holding company SoftBank and the venture capital arm of Google’s parent company Alphabet, CapitalG.
Furthermore, The fundraising deal contributes to the valuation of the Digital Currency Group to over $10 billion.
Notably, Digital Currency Group’s CEO Barry Silbert notes how each participating investor will add value to in different ways.
Also, mentioning how SoftBank enjoys a worldwide footprint and the
“ability to turbo-charge portfolio companies,”
Meanwhile, CapitalG “brings Alphabet and Google’s expertise in data and consumer companies”.
“We were looking for the type of backers that could be, and hopefully will be,…”
“with us on this journey for the next couple of decades.”
Additionally, Silbert explains that Digital Currency Group is currently profitable and will reach revenues of over $1 billion this year. He points out that going public is not currently under consideration.
“The typical reason companies do go public or rush to go public is to address liquidity,..”
“or to raise money for acquisitions, but we don’t have those pressures…”
“I enjoy building this as a private company.”
So, Some of the Digital Currency Group subsidiaries includes digital asset manager Grayscale. Then, cryptocurrency publication CoinDesk, with cryptocurrency exchange and wallet Luno.
More so, Digital Currency Group’s crypto asset portfolio includes Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC). Also, Decentraland (MANA), Filecoin (FIL), Horizen (ZEN), Livepeer (LPT) and Zcash (ZEC
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