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Digital Currency Group $10B worth in question after closing $700M deal

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  • 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.

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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.

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Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto

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The latest update in the controversial Indian Crypto Bill saw the Finance Minister, Nirmala Sitharaman consider the underlying technological boon that comes with the industry’s banes. While speaking at the ‘Agenda Aaj Tak‘ event in Delhi yesterday, Sitharaman noted that the crypto bill is in anvil and will soon be sent for approval to the cabinet.

Furthermore, she highlighted the juxtaposition given the government’s concerns about the decentralised industry accompanied by their plan to fully avail the financial benefits of the blockchain technology. Following this mindset, she ascertained that the “Cryptocurrency bill will take into account the underlying technology”.

Ambani’s Two-Cents on Crypto

The Indian government appears to be on the right track, financially, given that even the richest man in all of Asia, Mukesh Ambani swears by the same technological advancement with the blockchain.

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He spoke yesterday, at a forum organised by India’s International Financial Services Centres Authority together with Bloomberg, where he argued the potential of blockchain technology. Ambani said, “Blockchain is the technology I believe in and it is different from crypto”. Ambani claimed that India will see an evolution in its “fintech, education technology, health technology, and industry” through digital services.

Furthermore, he compared the power of data to that of former days’ oil, asserting the only difference being, data’s easy accessibility.

“Digital technology, I believe, is a great leveler, a great democratizer…The new oil, i.e. data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes.”, said Ambani.

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Borderless Crypto

Despite understanding the pros, like innovation and technological advancements, the Indian government is determined to regulate the decentralised industry in lieu of its dangerously fast-evolving nature. According to CoinGape’s exclusive coverage on Nirmala Sitharaman’s stance towards upcoming crypto regulations, she noted that mere national level monitoring will never be enough when it comes to the decentralised industry. Sitharaman called upon global regulators to come together to centralise a borderless body like crypto.

“All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.

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Whales Are Actively Accumulating Three Altcoins – And Selling Two Others, According to Crypto Analytics Firm Santiment

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Crypto whales are actively accumulating three altcoins and selling two others, according to the crypto analytics firm Santiment.

Santiment says whale tracking can be an effective method of determining which crypto assets look bullish or bearish.

The analytics firm notes that the number of whale addresses holding between 1-10 million Skale (SKL) has surged in the past week.

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Source: Santiment

SKL is the native asset for Skale, a blockchain network that aims to enable developers to create and provide decentralized chains that are compatible with Ethereum. SKL is trading at $0.28 at time of writing and is down more than 10% in the past 24 hours.

The number of whale addresses holding between 100-10,000 Maker (MKR) has also shot up in the second half of November, according to Santiment.

Source: Santiment

Maker is a governance token that supports DAI, a stablecoin that is pegged one-to-one to the US dollar without any banks, governments or third parties. MKR is trading at $2,683.35 at time of writing and is down more than 9% on the day.

Santiment notes that the number of whale addresses holding between 1-10 million Ocean Protocol (OCEAN) has also increased in the second half of last month.

Source: Santiment

OCEAN is the native asset of the Ocean Protocol, a blockchain ecosystem that connects data providers and consumers. The 193rd-ranked crypto asset by market cap is trading at $1.15 at time of writing and is down nearly 9% in the past 24 hours.

On the flip side, Santiment notes the number of whale addresses holding between 1-10 million Ren (REN) has decreased in the past week.

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Source: Santiment

Ren is a platform that powers transactions between different blockchain platforms. It aims to make it easy for users to adopt and invest in decentralized finance (DeFi). REN is trading at $0.80 at time of writing and is down more than 8% on the day.

The number of whale addresses holding between 1-10 million GRT is also down in the past two weeks, according to the analytics firm.

Source: Santiment

GRT is the native token for The Graph, a platform that indexes and organizes blockchain data. The 46th-ranked crypto asset by market cap is trading at $0.79 at time of writing and is down more than 9% on the day.

Santiment also notes the number of addresses holding between 100-10,000 Basic Attention Token (BAT) has also gone down slightly. While the analytics firm refers to these addresses as “whales,” that appears to be a mistake, since BAT is only trading at $1.21 at time of writing.

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Source: Santiment

BAT is a utility token based on Ethereum. It powers the anti-ad web browser Brave, which focuses on protecting a user’s data by removing ads and ad trackers. The 84th-ranked crypto asset by market cap is trading is down 12.5% in the past 24 hours.

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Investor Charlie Munger Calls Crypto ‘Crazier Than DotCom Era’, Backs China for Banning Them

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The crypto market rally this year in 2021 has been indeed crazier with the broader growing market growing 3x by adding nearly $2 trillion to the overall market cap. However, traditional investors and big names like Charlie Munger are finding it too difficult to digest.

The investment legend calls this rally in the crypto market to be crazier than the dotcom era. Addressing Australian investors at the Sohn Hearts and Minds conference on Friday, December 3, Mr. Munger called this investment environment “a little more extreme”. He also backed China on clamping down on “some of the exuberances” of capitalism. Expressing his extreme criticism towards cryptocurrencies and Bitcoin, Mr. Munger said:

“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era. I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them.

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Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves,” he added.

Munger Backs China for Banning Digital Assets

The legendary investor further added that he would never participate in this “insane” crypto boom. More interestingly, Munger even backed China for banning cryptocurrencies entirely. He noted:

“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision”.

Legendary investor Warren Buffett and Munger’s partner at Berkshire Hathaway have also showered strong criticism on Bitcoin in the past calling it ‘rat poison squared’. After Buffet’s comments back in 2018, Bitcoin has just continued to grow higher.

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