Digital Currency Group (DCG) is a global firm that invests in blockchain companies. On August 27, 2020, the company revealed a wholly-owned subsidiary called Foundry. According to an announcement by DCG, Foundry was formed in 2019. It offers institutional expertise and market intelligence to crypto miners and hardware makers. Foundry provides stakeholders in the crypto sector with the resources to build, maintain, and secure blockchain networks. During the announcement, DCG revealed that Mike Colyer, who was formerly at Core Scientific, would be the CEO of Foundry.
The Goal of Foundry
Foundry was formed to meet institutional demand for better capital access, transparency, and efficiency in the crypto mining sector. Currently, it focuses on three services, which are:
- Mining & Staking
- Hardware Financing / Procurement
- Consultancy / Advisory
Since its founding, the company has grown to become one of the biggest Bitcoin miners in North America. It has also helped to avail tens of millions of dollars for equipment financing for other mining firms in the region. It is estimated that Foundry has played a role in the procurement of around half of all mining rigs in North America in 2020.
According to the CEO of Foundry Mike Colyer, the company has a goal of empowering decentralized infrastructure in the digital economy. He added that the company would support the growth and development of crypto mining with a focus on North America.
Foundry aims to collaborate with key players in the crypto mining sector to enhance access to crypto mining. Additionally, it aims to decentralize geographical opportunities and bring more transparency and legitimacy to the BTC mining world. The company also expects to work with energy firms and governments to help them create and implement their mining strategies.
Foundry’s Success Partnerships Thus Far
Commenting on the issue, the COO of MicroBT, Jordan Chen said that the extensive knowledge of Foundry in the crypto mining sector and the full support of DCG had been crucial to the expansion in North America. The Global Sales and Marketing Director of Antminer at Bitmain had equally positive sentiments. He noted the financial support for their end customers provided by Foundry had enabled them to ship a huge number of mining rigs to the US in 2020.
DCG Investment Plans
DCG has committed to investing over $100 million into Foundry in 2021. It will allow hardware makers and miners to gain access to trusted partners and capital resources via a trusted network. Barry Silbert, the CEO, and Founder of DCG said that their mission was to catalyze the growth of a better financial system.
Silbert added that crypto mining was at the core of blockchain technology, which would drive the advancement of the financial system. He said that Foundry would bring crucial resources and guidance to an essential part of the industry. Silbert also noted that the Foundry CEO had the credibility, expertise, and integrity to support the growing need of equipment makers and crypto miners.
DCG is an NYC-based company created in 2015 by Barry Silbert. It is a global enterprise and is the parent company of Genesis, a full-service digital currency prime broker, CoinDesk, Grayscale Investments, and Foundry.
Image Souce: Foundry Twitter