Google's parent company participates in multimillion-dollar investment in cryptocurrency company

Charlie Taylor

Japanese group SoftBank and Alphabet (parent company of Google) participated in a $700 million investment round in Digital Currency Group (DCG), owner of Grayscale, causing the company to achieve a valuation of $10 billion, according to the Wall Street Journal (WSJ). Marcelo Claure, CEO of Softbank Group […]

Google's parent company participates in multimillion-dollar investment in cryptocurrency company first appeared in Portal do Bitcoin .

Japanese group SoftBank and Alphabet (parent company of Google ) participated in a $700 million investment round in Digital Currency Group (DCG), owner of Grayscale, causing the company to achieve a valuation of $10 billion, according to the Wall Street Journal (WSJ) .

Marcelo Claure, CEO of Softbank Group International described DCG's shares as, “basically, the single best asset that gives us the diversity of exposure to crypto, from A to Z”.

DCG is one of the largest companies in the cryptocurrency industry, operating as the parent company of crypto news site CoinDesk, crypto brokerage Genesis Global, investment firm Grayscale (which operates the Grayscale Bitcoin Trust or GBTC), among others .

This Monday (1st), the WSJ announced that SoftBank led the collection through its Vision Fund 2 and its Latin America Fund. The Japanese investment group was joined by Alphabet's GIC Capital and Capital G growth fund.

The fundraising structure that, through the sale of DCG shares, allowed the company's initial investors to close out their positions, according to Barry Silbert, CEO and founder of DCG, said in an interview with the WSJ.

Silbert added that the company has no ambitions to be listed on the stock exchange. “It's just not in progress. It's not even being discussed," he said.

FTX Collection

The latest DCG proceeds are further proof of what has already been a phenomenal year for companies investing in crypto.

Crypto brokerage FTX , for example, raised more than $420 million in October, boosting the company's valuation to $25 billion .

In the third quarter of this year, crypto brokerages raised a total of $6.5 billion , breaking the previous quarter's record of $5.13 billion. The most active investors for the third quarter include Coinbase Ventures , Animoca Brands and Polychain Capital.

*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co .

Google's parent company participates in multimillion-dollar investment in cryptocurrency company first appeared in Portal do Bitcoin .

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