The vast potential of bitcoin and blockchain has been realized by companies and investors alike. Development of new products and emergence of startups that are into developing these products has shown that blockchain is a versatile technology which is going to be the future of every industry we can possibly think of. The financial sector is one such industry that is going to benefit the most out of it. This increased interest among VCs, financial companies and investment groups is reflected by increased investments in the digital currency sector. The recent fundraising by Digital Currency Group, run by Barry SIlbert stands proof of that.
Barry Silbert’s Digital Currency Group is a holding and an investment firm that works on investing and building businesses around digital currency technologies. The company has recently announced that it has raised funding from a handful of big US based financial firms. Some of the companies who have joined Digital Currency Group as investors include Boston based Bain Capital Ventures, electronic payments giant – MasterCard, New York Insurance Company and CIBC, a Canadian bank.
These new group of investors will be working closely with Digital Currency Group, which is currently expanding itself its early stage investment portfolio. Digital Currency Group already has the largest portfolio when it comes to startups and companies working in the digital currency sector involving blockchain technology.
Digital Currency Group is on a mission to support service businesses with a potential of filling the various gaps currently left behind in the existing market infrastructure. The firm offers incubation support to blockchain related businesses along with assistance to build and operate startups which are focused on catering to financial institutions, corporations and other startups.
The exact specifics of the recent investment are currently unknown. In addition to these new investors, Digital Currency Group already has firms like FirstMark Capital, Oak HC/FT, RRE ventures, Novel TMT, Transamerica Venture among others supporting it.