On Thursday (August 27), Digital Currency Group, Inc. (“DCG”), the world’s largest asset manager in the blockchain/crypto space, announced that it plans to invest “through to 2021” $100 million in Foundry, its wholly-owned Bitcoin mining subsidiary.
DCG, which was founded in 2015 by Barry Silbert, is an investor in some of the best-known businesses in the crypto space, such as Abra, Coinbase, Coindesk, BitGo, and Ripple. DCG currently backs “more than 160 companies in 30+ countries.”
One of DCG’s subsidiaries is the well-known crypto investment firm Grayscale Investments, LLC (“Grayscale”), which was founded in 2013. Grayscale’s two most popular investment products are Grayscale Bitcoin Trust and Grayscale Ethereum Trust.
According to DCG’s press release, Foundry, which was established in Q4 2019, “offers institutional expertise, capital, and market intelligence to digital asset miners and manufacturers, providing them with the resources to build, maintain, and secure decentralized networks.”
Foundry CEO Mike Colyer stated:
“Through Foundry’s work and financial support of our end customers, we have been able to ship a significant number of machines into the US this year.”
Foundry offers the following services in the crypto mining space: “equipment financing and procurement; mining and staking; and consulting and advisory services.”
DCG also says that Foundry has “already emerged as one of the largest bitcoin miners in North America,” extending “tens of millions of dollars in equipment financing to other mining organizations” and helping “to procure approximately half of the bitcoin mining equipment delivered in North America this year.”
Colyer went on to say:
“We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations — particularly in North America.
“We are a business built by miners for miners, and we are partnering with entrepreneurs who share our mission of advancing the industry and creating a decentralized mining ecosystem.”
And DCG Founder and CEO Barry Silbert had this to say:
“Our mission at DCG is to accelerate the development of a better financial system.
“Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement.
“Foundry is bringing critical resources and guidance to an essential corner of the industry, and Mike Colyer and his team have the expertise, credibility, and integrity to support the evolving needs of miners and manufacturers.”
Another one to comment on this announcement was Su Ke, Global Sales and Marketing Director of Antminer at Bitmain, who said:
“Through Foundry’s work and financial support of our end customers, we have been able to ship a significant number of machines into the US this year.
“Foundry’s institutional grade services for North American businesses and its team’s expertise have played a key role in making this happen.
“We look forward to working closely with Foundry to reach even more customers and provide an even better experience to them.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.