The post What’s Going On With Crypto Behemoth Digital Currency Group? appeared on BitcoinEthereumNews.com.

Crypto behemoth Digital Currency Group (DCG) is one of the biggest players in the crypto industry. The conglomerate has roughly 200 companies in its portfolio. One of the best known is Grayscale, manager of the eponymous Grayscale Bitcoin Trust. It’s world’s largest Bitcoin fund which opened the door to institutional investors as a private trust in 2013 and got approval to trade publicly under the GBTC ticker in 2015. But DCG has run into a lot of trouble since the crypto crash of last year. Genesis Global, its digital asset lender, went bankrupt in January, then last month announced it would cease all operations. And this week, the New York Attorney General’s office hit DCG, its subsidiary Genesis Global Capital, and crypto exchange Gemini Trust, alleging the companies defrauded customers of $1.1 billion. Here’s a breakdown of DCG and how it got to where it is now. 2015 — Founding and first fundraiser DCG was founded in 2015 by Barry Silbert, the ex-CEO and founder of SecondMarket, which is now known as Nasdaq Private Market. The idea, Silbert said at the time, was to have DCG structured like a company—despite it being an entity that invests in Bitcoin companies. It secured funding from the likes of Bain Capital Ventures, FirstMark Capital, MasterCard, and New York Life when it launched. January 2016 — Digital Currency Group buys CoinDesk DCG bought crypto news publication CoinDesk in 2016 for an undisclosed amount. Reports at the time put the deal at around $500,000 to $600,000. November 2021 — Big investment DCG secured major investment, with Japanese multinational Softbank leading a $700 million investment round. Google’s parent company Alphabet Inc. also took part. At the time, Digital Currency Group was valued at $10 billion and SoftBank Group International CEO Marcelo Claure described its shares as…

---

Filed under: News - @ October 22, 2023 1:14 am