Google crypto Bitcoin Grayscale

Google Goes Crypto? New Investment in Grayscale’s Parent DCG

Google crypto Bitcoin Grayscale
Besides Facebook, Google is actively investing in the Bitcoin market. Alphabet’s venture capital fund announced it has invested in Digital Currency Group (DCG), Grayscale’s parent company. Other investors include Singapore’s Government Investment Corporation (GIC), SoftBank (SoftBank) and others.

Google – one of the top five leading U.S. technology giants (FAANG) – becomes another company actively going crypto. CapitalG, one of Alphabet’s three major VC funds, together with SoftBank, GIC Capital, Ribbit Capital, purchased a total of US$700 million in DCG equity. After the deal, DCG’s valuation becomes as high as US$10 billion.

Crypto veteran Digital Currency Group owns multiple companies including crypto fund issuer Grayscale, and crypto news media CoinDesk.

Grayscale issued crypto trust funds as early as 2013, including Bitcoin Trust (GBTC) and Ethereum Trust (GETH). However, retail investors cannot directly buy and sell shares of the trusts.

After the first Bitcoin futures ETF (BITO) was listed in October, Grayscale formally applied to the United States Securities and Exchange Commission (SEC) to convert the Bitcoin trust fund into a spot exchange-traded fund (ETF), allowing retail investors to trade directly.

Google's Crypto Portfolio: Ripple, Storj, and Others

In the past, the blockchain projects invested by Google’s parent company include: Ripple (XRP), STORJ, cryptocurrency derivatives trading platform LedgerX (acquired by FTX), cryptocurrency wallet, etc.

In addition, Google Cloud is also actively cooperating with blockchain projects to support the operation of blockchain network nodes, such as Hedera Hashgraph (HBAR), Theta Network (THETA), NFT dedicated blockchain Flow, and EOS.

As for the Singapore government investment company GIC, which has also become a DCG investor, it has also expanded its cryptocurrency investment in recent years, including leading exchange Coinbase, blockchain data analysis company Chainalysis, commercial cryptocurrency asset custody company Anchorage, and Hong Kong cryptocurrency exchange OSL parent Company BC Group.

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