Wednesday, May 29, 2024

Latest capital raise pushes Digital Currency Group’s valuation to over $10 Billion

Digital Currency Group, in its latest fundraising deal, managed to push the value of the establishment to over $10 billion. CEO Barry Silbert stated that each investor who took part in the process adds value to the company in differing ways. He also said that while SoftBank has a worldwide footprint along with the ability to turbocharge portfolio companies, another company like CapitalG offers expertise in data and consumer companies with Alphabet and Google.

Silbert states that the conglomerate was on the lookout for the type of backers that could potentially stay along with the company for decades to come.

He also addressed that despite being highly profitable and on the road to $1 billion in revenues this year, the company is not considering going public yet. He reasons this by saying that while most companies rush to go public to address liquidity or build money for the purpose of acquisitions, DCG is flourishing as a private company.

Barry Silbert states that despite raising $700 million this time around, the process was not particularly about raising funds for the organization. Instead, he believes that it poses an opportunity for early investors to make profits. Some of the investors involved in the latest fundraiser did earn profits, but Silbert did not do so.

Currently, the conglomerate’s crypto asset portfolio includes Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Decentraland (MANA), Filecoin (FIL), Horizen (ZEN), and Livepeer (LPT). The subsidiaries include Grayscale – a digital asset manager, crypto exchange and wallet Luno, trading-based Genesis and crypto publication CoinDesk.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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