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Digital Currency Group Raises $700 Million from Google and SoftBank

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Mon, 11/01/2021 - 12:14
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Yuri Molchan
Google's Capital G, Softbank and other top players have invested $700 million in Barry Silbert's Digital Currency Group
Digital Currency Group Raises $700 Million from Google and SoftBank
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CEO and founder of Grayscale's parent company, Digital Currency Group—billionaire Barry Silbert—has taken to Twitter to share a WSJ article about DCG raising $700 million from such giants as SoftBank, Google's Capital G and other major players in the field of finance.

The investment has pushed DCG's evaluation to $10 billion.

Google and SoftBank invest in the biggest cryptocurrency company

Marcelo Claure, the CEO of SoftBank, told The Wall Street Journal that he believes that the Digital Currency Group's portfolio of companies can provide the best diversity of exposure to crypto assets.

Silbert stated, however, that the $700 million received from the whales of the financial world is now about raising money for the company itself. The DCG does not have a problem with funds, and it expects to make a whopping $1 billion in revenue. Besides that, the company has been profitable every year since day one.

One of the reasons was to attract new investors to help the crypto conglomerate continue on its path of growth, according to COO Mark Murphy.

Besides, according to Silbert, part of the raised money went to some early shareholders who wanted to lock in their profits. However, none of them sold their full stake in the DCG.

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Elon Musk Laughs at Edward Snowden's Tweet Series about SHIB and Dogecoin

Google's Capital G general partner says crypto has staying power

David Lawee, the general partner at Google's investment arm, Capital G, stated that he sees certain similarities between the dot-com boom of the 90s and crypto these days.

According to him, crypto has "staying power." He also said that the number of crypto users is increasing fast, especially in the DeFi sphere.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.