TL;DR Breakdown
- Digital Currency Group closes $700 million deal with Softbank and Google.
- DCG’s conglomerates have invested in about 200 startups since its inception.
- DCG’s valuation at $10B remains a matter of conjecture.
On Monday, Barry Silbert tweeted, “Proud to welcome SoftBank, CapitalG, Rabbit, GIC, Tribe and Emory to an already fantastic list of DCG shareholders,” followed by an official tweet from DCG’s official handle, DCG announced a successful secondary sale featuring tech giants Softbank and Google’s venture capital in a deal worth $700 million, which might put DCG at a valuation of $10 billion. Barry Silbert, founder, and CEO, who holds 40% group shares, is now worth $4 million.
$93 million invested in The Sandbox game
Following the special deal between DCG and its investors, Softbank, on the 2nd of November 2021, has led an investment of $93 million in The Sandbox game. In this online virtual gaming world, players can earn, build, and above all, monetize their gaming experience.
Digital Currency Group (DCG) is a venture capital company and a private company that builds, buys and invests in bitcoin and blockchain companies. Founded by Barry Silbert in 2015, DCG has its headquarters located in New York City, United States. DCG is a parent company to big firms in the crypto-space; Grayscale, GenesisTrading, CoinDesk, FoundryServices, LunoGlobal, TradeBlock.
DCG sits at the epicenter of the blockchain industry, allowing anyone who wants to invest in digital currencies but doesn’t want direct exposure to the cryptocurrency market. Grayscale, one of DCG’s most significant subsidiaries, recently applied to become an ETF. They hold the world’s largest Bitcoin fund and manage assets valued at about $50 million.
Digital Currency Group and its subsidiaries
The Digital Currency Group also boasts owning a news outlet among a few blockchain startups. This news outlet, Coindesk, also operates independently as a subsidiary that both invests and informs about investments in cryptocurrencies and blockchain startups while majoring as a blockchain/cryptocurrencies news outlet.
Though DCG’s conglomerates have invested in about 200 startups since its inception; a lot of information regarding one of the most prominent digital currency groups in the blockchain industry has remained unknown. Having raised $25 million in its primary capital some years ago, DCG’s valuation also remains a matter of debate and scrutiny.
Softbank has led this investment through the SoftBank vision fund 2, which marks the first investment on a company that issues its cryptocurrency, $SAND, to users and investors. The Sandbox game’s Metaverse promises to reward both players and creators as they’re set to release a first public alpha this month. The race to expand the metaverse has just begun.
This investment round will help us scale up our growth strategy, operations, and player acquisition in @TheSandboxGame ecosystem while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend.
@TheSandboxGame.
