Digital Currency Group raises $ 700 million from giants SoftBank and Google

The CEO and founder of Grayscale’s parent company Digital Currency Group, Barry Silbert, has share a WSJ article on DCG raising $ 700 million from giants such as SoftBank, Google Capital G, and other major players in the financial sector.

The investment raised DCG’s valuation to $ 10 billion.

Marcelo Claure, CEO of SoftBank, told the Wall Street Journal that he believes the Digital Currency Group’s corporate portfolio could offer the best diversity for exposure to crypto assets.

However, Silbert claims that the $ 700 million received from whales in the financial world was used to raise money for the company itself. DCG has no funding problems and is expected to generate revenue of a whopping $ 1 billion. In addition, the company has been profitable every year since its inception.

According to COO Mark Murphy, one of the reasons is to attract new investors to help the crypto conglomerate continue on its growth path.

In addition, according to Silbert, some of the money raised went to some first-time shareholders who wanted to take their profits. However, none of them sold their shares in DCG.

David Lawee, general partner at Google’s investment arm Capital G, explained that he sees certain similarities between the dot-com boom of the 90s and today’s cryptocurrencies.

In his opinion, cryptocurrencies have “sustainable strength” and the number of crypto users is growing rapidly, especially in the DeFi area.

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Annie

According to U.today

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