Digital Currency Group, a business and investment conglomerate focused on the blockchain and cryptocurrencies industry, has announced its wholly owned subsidiary, Foundry. Foundry provides crypto miners and manufacturers with all sorts of consulting and development assistance. Also, DCG has shared the details of a new $100 mln investment program.
According to the official statement of DCG, the newly introduced Foundry was created "quietly" in bearish 2019. It is tasked with bringing transparency, expertise, capital and development capacities into the cryptocurrency mining industry.
The news you've been waiting for from @barrysilbert just went live... https://t.co/99jRLZJYA7— Digital Currency Group (@DCGco) August 27, 2020
Former Core Scientific officer, Mr. Mike Colyer, is appointed as Foundry CEO. From day one, the company has established itself as one of the most powerful players in the Bitcoin (BTC) mining industry across North America.
The company seeks the ambitious goal of building a holistic cryptocorrencies mining ecosystem for the next generation. Mr. Colyer emphasized that the company is opened for collaboration:
We are a business built by miners for miners, and we are partnering with entrepreneurs who share our mission of advancing the industry and creating a decentralized mining ecosystem.
Besides the mining industry, Foundry will take part in staking programs, thus attempting to explore not only proof-of-work, but also proof-of-stake and delegated proof-of-stake blockchains.
$100 mln at stake
Beyond the public launch of Foundry, Digital Currency Group has shared its plans to invest $100,000,000 in its business development through 2021.
This massive bet will support the Foundry's efforts to bring together all participants in the cryptocurrencies mining market, i.e., miners, manufacturers, governments, regulators and energy companies.
With this launch, Digital Currency Group expands its ecosystem of blockchain-related businesses. Besides Foundry, Grayscale Investments—an ETF-like digital assets investment instrument—Genesis, a digital currencies prime broker and Coindesk crypto media outlet are working under the DCG umbrella.