Digital Currency Group (DCG) revealed it expanded into the Bitcoin (BTC) mining industry last week. The New York-based blockchain investment firm DCG announced Thursday it is operating a subsidiary called Foundry, which it created in 2019. DCG explained that Foundry provides cryptocurrency miners and equipment makers with "institutional expertise, capital, and market intelligence." Foundry was revealed as one of the largest Bitcoin miners in North America and has provided tens of millions of dollars to finance mining operations. DCG also announced it plans to invest over $100 million in Foundry through 2021, as well as give miners and manufacturers access to its network of companies. DCG added Foundry aims to partner with major entities involved in mining and staking coins and work with energy firms and governments to help crypto companies execute their mining strategies.
Here is the rest of last week in review:
Line Corporation
SBI Holdings
The Winklevoss brothers made the case that weakness in the U.S. financial system and other factors could help Bitcoin attain $500,000 someday. Crypto prices rose to $371 billion this week. For the majors, EOS and Bitcoin Cash (BCH) slipped into the red, while Chainlink (LINK), Binance Coin (BNB), and Ethereum posted outsized gains. In the top 100, the biggest losers were OMG Network (OMG), down 20%, HedgeTrade (HEDG), down 17%, and Qtum (QTUM), down 14%. The biggest gainers were DFI.Money (YFII), up a whopping 262%, UMA, up 143%, and yearn.finance (YFI), up 140%. Next week traders will watch if Bitcoin breaks $12,000 convincingly.
The author owns a small amount of BTC.
- 1. https://www.businesswire.com/news/home/20200827005146/en/%C2%A0DCG-Enters-Bitcoin-Mining-Newest-Subsidiary-Foundry
- 2. https://www.coindesk.com/line-launches-digital-asset-wallet-and-blockchain-development-platform
- 3. https://www.coindesk.com/japanese-financial-giant-sbi-holdings-launches-short-term-crypto-derivatives
- 4. https://winklevosscapital.com/the-case-for-500k-bitcoin/