Blockchain sector investor Digital Currency Group, the parent company of Grayscale Investments, LLC, is valued at more than $10 billion following a recent funding round, according to a Monday (Nov. 1) CNBC report.
In announcing a secondary funding round, the 6-year-old company is allowing current investors to sell shares to new backers, including SoftBank and Alphabet’s venture capital branch. SoftBank led the $700 million round, which included support from Ribbit Capital and CapitalG, a subsidiary of Google’s parent company, Alphabet.
Digital Currency Group’s various FinTech subsidiaries include Luno digital asset exchange, coindesk, which features blockchain news, and foundry, which focuses on digital asset “mining and staking,” according to the company’s website.
Grayscale Investments, the world’s largest digital currency asset manager, has more than $44 billion assets under management, with its products covering more than 70% of the digital currency market, according to the company’s website. Its crown jewel, Grayscale Bitcoin Trust, has roughly $40 billion assets under management.
About two weeks ago, Digital Currency Group authorized the purchase of up to $1 billion worth of shares of Grayscale Bitcoin Trust, according to a press release the company issued. As of Oct. 19, Digital Currency Group has purchased $388 million worth of shares of Grayscale Bitcoin Trust, according to the release.
With the latest valuation, Digital Currency Group is one of the most valuable privately held companies in the crypto landscape, in addition to digital payments company Circle.
Last month Boston-based Circle, a stablecoin issuer, announced that it would support USD Coin (USDC) on the decentralized finance network Hedera.
See also: Circle to Support USDC on Hedera Network
Circle’s suite of developer APIs have been modified to support USDC on the Hedera finance network, according to PYMNTS. In addition, Circle aligned with the recently formed HBAR Foundation, an organization created to provide business startups with funding earmarked to build and implement new Hedera network applications.
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