34 Burst results for "Digital Currency Group"
What Bitcoin Did
Grayscale, The SEC & Genesis With Michael Sonnenshein
"Michael is the CEO of grayscale who are part of the digital currency group, and therefore they are intrinsically linked to genesis trading who halted withdrawals in November last year and filed for chapter 11 bankruptcy on January the 20th. Now, genesis had massive losses on their loan book due to exposure to the likes of three AC and Babel finance and they halted withdrawals which impacted both genesis and Gemini earned customers. They've been a lot of questions flying around regarding the relationship between genesis and grayscale, the nature of the loans offered and who knew what about the allegations of three AC being offered billions of dollars in un collateralized loans used to acquire shares in GBTC. And the reason these trays are really important is that there was a period in time where the shares in GBTC were trading in a premium and if you held onto those shares for 6 months out through the lockup, you could then sell them on the open market for a profit. It was quite a good trade for those took advantage of it for the period existed. Now, the problem was when the premium closed and the nav went negative, the likes at three AC were left holding masses of underwater GBTC in turn exposing genesis to bad loans on their books. And this is what led to genesis Houghton withdrawals as they couldn't honor all redemptions. You should also be aware that there are now SEC and DoJ investigations into transfers between genesis and their parent group DCG. Now, when mean Danny headed out to New York, Danny wanted to talk to Michael, but I told him look forget it. There is no chance Michael's going to come on the show. But strangely, their PR team reached out to us and asked him to come to the show. So obviously we jumped at the chance, and in preparing for this interview, I came to the conclusion that Michael was on somewhat of a PR tour following public discussions of a shareholder revolt which could see the trust unwound. Now, grayscale is the golden goose of DCG, commanding fees in the hundreds of millions of dollars per year for managing the trust. And grace go on Michael have been at pains to tell everyone how they are suing the SEC to convert the trust into an ETF, which is great for investors, how much they care about investors and how much they care about Bitcoin. But listen, PR tools like this
Unchained
Ending Months of Uncertainty, DCG and Genesis Reach Agreement
"12 p.m. Tuesday, February 7th, 2023. Ending months of uncertainty, DCG and genesis reach agreement. Digital currency group DCG and its subsidiary genesis, a leading crypto lending platform that filed for chapter 11 bankruptcy protection have reached a preliminary agreement with the firm's main creditors. The post ending months of uncertainty, DCG and genesis reach agreement appeared first on unchained podcast.
Thinking Crypto News & Interviews
"digital currency group" Discussed on Thinking Crypto News & Interviews
"So that's something we need to combat in the future by helping to educate journalists to not jump on the clickbait. Are you able to tell us about the type of institutions maybe you can name drop a bit if possible who are participating in the mining pool? Are there any big financial institutions that, once again, that you can name drop? Yeah, unfortunately I can't. When I'm we're not permitted to disclose our clients, whether it's on the mining or the staking side, but what I can say is that there's a wide variety of different clients, but they're all institutional. And they, you know, they choose foundry because it has the best software and we've been around and reliable for a long time. So we're hoping that that continues and that we can continue to get more and more people on board. So, but unfortunately, I can't get into who the clients are. Okay, how about I ask it this way without giving names? Are they are any of them any of the Wall Street big institutions? I don't, I don't know. I really don't know. You know, part of the thing with public policy side of it is I don't get to enmeshed in business. But I wish I could continue as affirmative or a negative on that. But I truly don't even know. I think as far as I know, most of our clients are in the United States though. If not all. So foundry, of course, is owned by digital currency group, which owns a bunch of other companies, a grayscale genesis, and so forth, coined us. It's the mining of the Bitcoin that is mined by foundry, is that then sold to grayscale to be part of the GBT trust and so forth. What's the dynamic between those two companies? So I can't get into our liquidation processes, but what I can say is that when it comes to foundry is a completely self sufficient.
The Bitboy Crypto Podcast
"digital currency group" Discussed on The Bitboy Crypto Podcast
"This is a problem that needs to be solved. Yeah, for sure. All right, speaking of losses, roger vary says he won't pay the $20 million that he lost for his bad trades. Do bad crypto trades go away if your counterparty goes bankrupt, roger bear apparently hopes so. Once referred to as Bitcoin Jesus by like four people maybe. No, no, no. He was very widely. Bitcoin wouldn't be here without him. So, you know, he was getting vilified for this in 2017 by Reddit by he calls himself that narrow one that was like hated that. I remember people hating that that was his moniker. Well, yeah, he got a lot when he broke into Bitcoin cash. Obviously everything changed for him, but for a long time at the very beginning, he apostle is Bitcoin. Yeah. That's really what it was. It was the hash wars and the split between Bitcoin core and Bitcoin cash, which again, the maxis hate when you call it Bitcoin core. And he hates it when you call it B cash. There's all this stuff there. But before that point, he basically was a fossilizing Bitcoin to literally everyone. He got the winkle vibe into Bitcoin. And he got while Charlie schramm and him were kind of together there at the beginning, but again, he was the first person with real money. He was the first person to put real money into Bitcoin. Point blank period, so. All right, Scott, you stumped me with that one. There once referred to as Bitcoin, Jesus for his evangelism before staunchly supporting the hard fork in 2017 for Bitcoin cash says, I'm not paying up. This is in a Reddit post Wednesday. He says, hey, man, I got enough money to pay them. And he was saying, hey, I'd be happy to pay. But you know what? They didn't hold up their end of the bargain. It required agreement. To remain solvent as they can't ask its clients to pay a heads clients lose tails to innocence wins game. He further claimed that he asked them in June for a certain sense of its solvency, but didn't receive what he wanted to know. Genesis itself a subsidiary of digital currency group filed for bankruptcy last week, of course, about two months after halting withdrawals and loan originations, but the concerns subsidiary itself hasn't filed for bankruptcy just yet. So here you can see his little Reddit post, the author gave it a little bit of a thumbs up there. So, hey, whatever happened to fair and balanced, while it's unclear whether courts will compel him to cover the expired options. This isn't the first time he's been challenged on a trading debt. We remember it was the last July coin flex accused him of owing $47 million in USD C after he failed to meet a margin call.
The Crypto Overnighter
"digital currency group" Discussed on The Crypto Overnighter
"Company profits, <Speech_Male> imports <Speech_Male> with high carbon emissions <Speech_Male> and financial <Speech_Male> transactions <Speech_Male> to fund the European <Speech_Male> Union budget. <Speech_Male> The budget is currently <Speech_Male> mostly paid <Speech_Male> for by individual <Speech_Male> countries and <Speech_Male> is used for things like <Speech_Male> farming support <Speech_Male> and regional <SpeakerChange> investments. <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> <SpeakerChange> <Speech_Male> The Central African <Speech_Male> Republic <Speech_Male> established a group of <Speech_Music_Male> 15 people <Speech_Male> to make a law about <Speech_Male> using digital <Speech_Male> currencies and tokenization. <Speech_Male> <Speech_Male> The president of <Speech_Male> the republic thinks that <Speech_Male> cryptocurrencies can <Speech_Male> remove financial <Speech_Male> obstacles in the country. <Silence> He <Speech_Male> wants to make it easy <Speech_Male> for businesses to use <Speech_Male> them by having a <Speech_Male> legal structure in place. <Silence> The <Speech_Male> government's main goal <Speech_Male> is to improve the <Speech_Male> country's economy. <Speech_Male> And so a <Speech_Male> group of 15 people <Speech_Male> from 5 different <Speech_Male> government departments <Speech_Male> in the republic <Speech_Male> was created to make <Speech_Male> a law about using <Speech_Male> digital currencies. <Silence> They're <Speech_Male> working together to make <Speech_Male> a legal structure that <Speech_Male> would allow cryptocurrencies <Speech_Male> to be used in <Speech_Male> the republic and to <Speech_Male> help improve the country's <Speech_Male> economy. <Speech_Male> This group <Speech_Male> involves experts <Speech_Male> from the ministry of <Speech_Male> mines and geology, <Speech_Male> ministry of waters, <Speech_Male> forest hunting <Speech_Male> and fishing, <Speech_Male> ministry of agriculture <Speech_Male> and rural <Speech_Male> development, and <Speech_Male> ministry of <Speech_Male> justice, promotion <Speech_Male> of human rights and <Speech_Male> good governance. <Speech_Male> Nigeria's <Speech_Male> raku, digital <Speech_Male> currency exchange, <Speech_Male> got a license to <Speech_Male> operate in the European <Speech_Male> Economic Area <Speech_Male> after waiting for <Speech_Male> two years. <Speech_Male> Their CEO <Speech_Male> said that people from <Speech_Male> Africa send <Speech_Male> $5 billion <Speech_Male> back home to their families, <Speech_Male> but the <Speech_Male> current way of handling <Speech_Male> remittances <Speech_Male> is way too slow. <Silence> He said quote, <Silence> it makes <Speech_Male> a lot of sense to solve <Speech_Male> this problem by using <Speech_Male> crypto as the vehicle. <Speech_Male> Crypto is <Speech_Male> a faster and <Speech_Music_Male> cheaper route that <Speech_Male> can bridge the gap and <Speech_Male> reduce fees in <Speech_Male> moving money globally. <Speech_Male> This is <Speech_Male> the core problem that <Speech_Male> we want to solve. <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> A law firm <Speech_Male> filed a lawsuit <Speech_Male> against digital currency <Speech_Male> group and its <Speech_Male> CEO Barry <Speech_Male> silbert on behalf <Speech_Male> of individuals <Speech_Male> and groups who borrowed <Speech_Male> digital assets <Speech_Male> from a subsidiary <Speech_Male> of DCG. <Silence> The <Speech_Male> lawsuit claims that the <Speech_Male> subsidiary <Speech_Male> broke security laws <Speech_Male> by lending <Speech_Male> assets without <Speech_Male> proper registration. <Silence> The law <Speech_Male> firm has filed other <Speech_Male> major lawsuits <Speech_Male> in the industry before. <Silence> The <Speech_Male> lawsuit claims that the <Speech_Male> subsidiary, <Speech_Male> genesis, <Speech_Male> committed fraud by <Speech_Male> making false statements <Speech_Male> to people who borrowed <Speech_Male> or were <Speech_Male> considering borrowing <Speech_Male> digital assets. <Silence> The <Speech_Male> firm claims that <Speech_Male> genesis lied <Speech_Male> about its financial <Speech_Male> situation in order <Speech_Male> to get people to lend <Speech_Male> them assets <Speech_Male> and to keep people <Speech_Music_Male> from taking back their <Silence> money. say that this broke the <Speech_Male> law in the securities <Speech_Male> exchange act. <Speech_Male> Now, digital <Speech_Male> currency group is a <Speech_Male> company that works with <Speech_Male> digital assets and <Speech_Male> blockchain technology. <Silence> It owns <Speech_Male> several subsidiaries <Speech_Male> like genesis, <Speech_Male> grayscale <Speech_Male> investments, <Speech_Male> foundry, and coin desk. <Silence> The <Speech_Male> CEO Barry <Speech_Male> silbert owns a <Speech_Male> large share of the company <Speech_Male> and is also chairman <Speech_Male> of the board. <Speech_Male> Genesis, <Speech_Male> a subsidiary <Speech_Male> of digital currency <Speech_Male> group, filed for <Speech_Male> bankruptcy recently <Speech_Male> and halted withdrawals <Speech_Male> from November <Speech_Male> 16th <Speech_Male> due to a bear market <Speech_Male> in cryptocurrency. <Silence> <Speech_Male> Gemini, a cryptocurrency <Speech_Male> trading <Speech_Male> platform owned by the <Speech_Male> winklevoss brothers, <Speech_Male> is owed <Speech_Male> a lot of money <Speech_Male> by genesis. <Speech_Male> The wink of us <Speech_Male> brothers have stated that <Speech_Male> they plan to take legal <Speech_Male> action against <Speech_Male> digital currency group, <Speech_Male> its CEO, <Speech_Male> and <Speech_Male> anyone else who <Speech_Male> they believe is responsible <Speech_Male> for the fraud. <Silence> It's unclear <Speech_Male> if they're a part of <Speech_Male> the current lawsuit. <Speech_Male> The law firm <Speech_Male> has not commented <Speech_Male> on this. <Speech_Music_Male> <Speech_Music_Male> <Speech_Music_Male> <SpeakerChange> And <Speech_Male> that's going to do it for us <Speech_Male> tonight. I want to <Speech_Male> thank you my listeners <Speech_Male> because when you <Speech_Male> stop listening, <Speech_Male> <Advertisement> I will stop talking. <Silence> <Advertisement> We'll see you <Speech_Music_Male> <Advertisement> tomorrow night.
The Crypto Overnighter
"digital currency group" Discussed on The Crypto Overnighter
"They are specifically looking into the economic impact, market readiness, and potential uses of a CBDC based payment solution. The banks said that their CBDC experimentation is only in the first phase. They were review policy, legal and regulatory considerations before moving on to the next phase. This aligns with the nation's vision 2030. The governor of the bank, fahad Al mabruk, said that local banks and payment companies will be important in the project's implementation. He said that the bank has been in discussion with local banks, fintechs and other market players throughout the CBDC development so far. The European Commission will release their plan for a digital Euro and the metaverse in May. They might need new laws to make sure that the digital Euro is seen as real money and to stop illegal activities like money laundering. The EU's financial services commissioner, Marie McGuinness, said that the new laws will be needed to create a digital Euro. She said it would be bad if Europe waited too long to make a plan and then had to rush things. The bill for the digital Euro will be released on May 24th. It's up to the European Parliament and other EU countries to decide on details like the technology to be used for the digital Euro. That said, the people who make the laws and need to approve the digital Euro proposal are not sold on that idea yet. They're asking questions like, what's the point of a digital Euro if it doesn't do anything new? And how does it use new technology like the blockchain? On May 3rd, there will be another plan released for virtual worlds. This plan will be led by Margaret vestager, who's a EU commissioner for competition in digital issues. This plan will probably not suggest new laws. Some of the people working with vestiges have said that they are worried that big companies may take over the metaverse and hurt competition. A company based in Hong Kong called red day technology has created a new digital payment system called universal digital payment network UDP. The aim of this system is to connect stablecoins and Central Bank digital currencies.
The Breakdown
"digital currency group" Discussed on The Breakdown
"To genesis, we left on Friday with the news that genesis global capital had filed for bankruptcy. The troubled crypto lender will now enter restructuring in order to find a way to repay creditors after the calamitous events of last year came to a head. In the first day motion filed with the bankruptcy court on Friday, genesis claimed that the firm had $5.1 billion in outstanding liabilities. They noted that although the collapse of FTX had affected them, their liquidity crisis was more to do with the run on deposits that ensured afterwards. At that time, customers demanded repayment of $827 million in loans, forcing the lending unit of genesis to halt withdrawals. Referring to the digital currency group, which is the parent company of both genesis as well as coin desk, the filings said the DCG was unable to backstop genesis during the run. Quote, at the same time, genesis corporate parent digital currency group or DCG and its very subsidiaries were also impacted by the market turmoil and did not have the liquidity to pay back the company on certain loans, adding pressure to the debtor's balance sheets. First day filings also showed that Gemini was by far the largest creditor of genesis with more than $700 million owed. a week's long public relations war, Gemini cofounder Cameron winklevoss threatened to sue DCG and CEO Barry silbert, if genesis fails to put forward a quote fair offer to creditors. In a nod to the acrimony among creditors, these Friday filings characterize the bankruptcy proceedings as a way to quote incentivize all stakeholders to move expeditiously towards a consensual resolution that avoids the costs and uncertainties of litigation. Now, genesis will continue to operate most of its non lending businesses, including derivatives, trading and custody, all of which are held in separate legal entities. There was also some confusion around the initial creditor list, which listed a multiple of crypto firms as un collateralized creditors. On Friday, as I think I mentioned, crypto trading firm Cumberland clarified that although it was listed as being owed 18 million by genesis, their inclusion in the creditor's list was quote misleading and incorrect information. They explained that in November, Cumberland held $18 million in loan crypto, which was fully collateralized by cash held by genesis, but on November 16th, the date when genesis halted withdrawals, Cumberland notified genesis that they were surrendering their cash and liquidating the loan crypto in accordance with the terms of their agreement. This liquidation process left an outstanding balance of around $46,000 owed to Cumberland rather than the 18 million shown in the creditors list.
Crypto Briefing
Crypto Lender Genesis Files for Bankruptcy
"5 p.m. Friday, January 20th, 2023. Crypto lender genesis files for bankruptcy. Digital currency group subsidiary genesis global capital has filed for bankruptcy protection. It owes over 3.5 billion to its top 50 creditors 3.5 billion in liabilities after months of uncertainty.
Simply Bitcoin
"digital currency group" Discussed on Simply Bitcoin
"The top 50 unsecured claims amount to about $3.4 billion. Venice's plans to use the chapter 11 process to try to sell assets or raise money with creditors ended up ending up owning the reorganization business if those efforts are unsuccessful. And I think that's what the winkle via trying to do to be honest. The company intends to use a $150 million in cash on hand to fund itself in bankruptcy. It's a lot of money. Chapter 11 allows a firm to continue operating while trying to work ways to repay creditors. Pairing company digital currency group has been in confidential negotiations with various creditor groups amid a liquidity crunch, genesis has warned that bankruptcy was possible if it fails to raise cash. Genesis global trading and other units involved in derivatives and spot trading and custody businesses aren't part of the bankruptcy filing. Financial pressure Barry silbert's DCG began to emerge following the collapse of hedge fund three arrows capital last year. Genesis lending unit spended suspended withdrawals in November. Soon after FTX were genesis held some of its funds, filed for bankruptcy, digital assets have shed about $2 trillion since a peak in 2021 and a slew of crypto lenders have struggled in the sell off. Redemptions and loan originations at genesis lending operations remain suspended and claims will be handled in bankruptcy court according to the statement. So very similar to Celsius, very similar to FTX. Does it happen with mount gox? Mount gox is still going through bankruptcy. So it's like you might not even and then after what the lawyers have taken their fees and stuff, you might not ever see that ever. You might get like point like 5% of your initial deposit into the company. Because all the lawyers are going to pay themselves first. You're the person that held their funds there. Remember what the New York set in the New York judge said about the Celsius deposits. Those deposits didn't belong to the customers. They belonged to Celsius. But did they tell you that when they advertise these projects that Alex Shinsuke say that when he said all those Bitcoin maxis, they're telling people to take self custody? Do they save that? Of course you didn't fucking say that. It's disgusting man, but look, this doesn't, I want you guys to zoom out because there's a core issue here. The core issue is and it happened in Lebanon too. Remember what happened in Lebanon, right? All those people that had all their money there, right? And guess what?
The Breakdown
Would a Genesis Bankruptcy Actually Be Good for Crypto?
"All right, Friends, we are back with another discussion of 2022 cleanup, although today's news I would argue could be a heck of a lot more bullish than it might seem at first. So of course, one of the biggest outstanding questions after the fall of FTX has been how far the fallout and contagion might go. And fallout there has been. For example, there has been a significant chilling of the relationship between the crypto industry and the Washington D.C. establishment. However, frankly, the main short term thing that people have been worried about is whether the collapse of FTX would cause other crypto institutional failures. In that context, the biggest spotlight has been on genesis and its parent company digital currency group or DCG. I say this every time, but DCG is also the parent group of coin desk. Now, genesis was hit hard in the three arrows capital collapse. They lost about 2.4 billion in loans out to the hedge fund, and ultimately ended up their biggest creditor with a $1.2 billion claim after liquidating collateral. That claim was eventually moved over to the books of DCG, a move which would later complicate DCG other liquidity issues. When FTX went under, genesis announced that they had something like 175 million trapped there, but it seemed there were bigger issues than that. That same week, genesis lending halted withdrawals, which was problematic both for their main customer base, as well as for the users of Gemini urn, which was crypto exchange Gemini's yield feature. Gemini users have about $900 million or so stuck on genesis as we record. And since then, the tension around the situation has done nothing but grow. Over the past few weeks, there has been an ever escalating war of words. Cameron winklevoss the co CEO of Gemini has published two separate open letters around the case. The first being directed to DCG CEO Barry silbert, accusing him of bad faith stall tactics, and asking him to meet with them to find a resolution, and the second being to the DCG board. Basically demanding that silbert be removed from the CEO role.
The Daily Hodl
Tron Founder Justin Sun Looking To Spend 1,000,000,000 on Digital Currency Groups Assets Report
"11 p.m. Sunday, January 15th, 2023 Tron founder Justin sun looking to spend 1 billion on digital currency groups assets report. Justin's son is reportedly eyeing the assets of digital currency group DCG. The parent company of embattled crypto broker genesis, and many other firms in the industry. According to Reuters, the founder of blockchain network Tron TRX and adviser to crypto exchange hubby is willing to allocate as much as 1 billion of his personal. The post Tron founder Justin sun looking to spend 1 billion on digital currency group's assets report appeared first on the daily HODL
Unchained
Crypto Lender Genesis Owes Over 3B Report
"12 p.m. Friday January 13th, 2023. Crypto lender genesis owes over three B report. Digital currency group DCG is considering selling some of its assets in light of the billions of dollars at subsidiary genesis owes creditors. A Thursday report from the Financial Times. The post crypto lender genesis owes over three B report appeared first on unchained podcast.
Crypto Briefing
Geminis Cameron Winklevoss Calls for Barry Silberts Ousting as DCG CEO
"2 p.m. Tuesday, January 10th, 2023. Gemini's Cameron winklevoss calls for Barry silbert's ousting as DCG CEO Jim and I made a new move against digital currency group today when cofounder Cameron winklevoss called on the company's board to fire Barry silbert. A campaign of lies the tension between
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"digital currency group" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Earlier today. However, the U.S. API numbers took Bitcoin from over 18 three to just under 18,000 in a matter of minutes. And as of right now, the top crypto asset by market cap is currently trading at just around that 18 $1000 Mark, so there you have it. Let me know who is currently bullish versus bearish on the king crypto with all the latest going on. I know half the camp is like, yo, this has to be a fake out. We're likely to correct from here. And then the other camp says no, the low is in and we're likely to continue rising. Let me know what camp you're in in the comments right down below. And with that being shared, now let's break down the latest updates of what's going on with the digital currency group, shall we? Crypto broker genesis global allegedly owes its creditors more than $3 billion according to a new report published by the Financial Times January 12th is company digital currency group, which also owns the grayscale investments, including grayscale Bitcoin trust, and its series of digital asset trust, seek to sell part of its venture capital holdings to offset this shortfall, according to people familiar with the matter, DCG venture arm has more than 200 crypto related projects, such as exchanges, banks, and custodians, and at least 35 countries with a total valuation of around $500 million as previously reported on November 16th. That genesis global halted withdrawal sliding unprecedented market turmoil and at the time the company reportedly had a 175 million worth of funds stuck on FTX and already received a $140 million equity infusion to cover the losses. So there you have it. And then yesterday's episode I broke down in greater details. This all started. I mean, the back and forth between the winklevoss twins, Cameron, in particular, writing an open letter about a week or two ago to Barry silbert, who is the CEO of DCG, and basically called losses. So there you have it. And then yes. My phone just went wild. My apologies. But yeah, the cover the losses and then Barry finally responded to the claims and Barry is ultimately pointing the fingers at the winklevoss and hiding behind legislation or lawyers and you know how all the legal jargon goes about, but it's interesting to see. Somebody is going to have to cough up this allegedly now $1.7 billion owed. Do you think it'll be the winklevoss twins, or do you think it's going to be Barry sober, potentially liquidating? I don't know if it's going to have to come from the grayscale Bitcoin trust or one of their other 300 companies which they own or are a part of. They're also the controller owner of coin desk, which is the largest crypto publication in the space so it'll be interesting to see how this unfolds and naturally this could have a massive impact on
The Breakdown
DCG Responds As Gemini Accuses Company of Fraud
"Let's get into the meat of today. And that is, of course, the DCG drama continuing. I mentioned on yesterday's show as I was finishing up recording that Cameron winklevoss had just dropped another open letter. His second in two weeks. That letter ended up eliciting the longest response we've seen for months from DCG and its CEO Barry silbert. At this point, I don't think many of you need too much background, but the ultra TLDR of the situation is that genesis is a subsidiary of the digital currency group DCG, who also own coin desk, by the way. And genesis has both a lending business and a trading business. The lending business in particular had a rough 2022. They were the biggest creditor of three arrows capital after it collapsed, which led to DCG taking over that claim and the genesis CEO resigning. Genesis also had a $175 million or so stuck on FTX, and in the wake of the FTX collapse, genesis lending halted withdrawals. Among other things, that has trapped around $900 million that was part of Gemini's earn program, which is their consumer yield program. As time has gone on, Gemini's customers have been getting angrier and angrier and so too the public pressure from Gemini on genesis and DCG is also ratcheted up. Last week, that took the form of an open letter asking for Barry silbert and DCG to come to the table by January 8th, which was Sunday. That's the letter in which Cameron winklevoss accused silbert of bad faith stall tactics his words. In the wake of that, there was a bit of back and forth on Twitter, but nothing really more than that. Then of course, on Friday, Bloomberg reported that DCG and genesis were being investigated by the Department of Justice, which took the situation up a couple more notches. Well, yesterday on Tuesday, Cameron winklevoss dropped a second open letter and this one was even more accusatory than the first. This one was directed not to bury silbert, but to the entire digital currency group board. The big theme of that letter was that this was no longer just a public disagreement between business partners, but an accusation of fraud. The letter kicks off, I am writing to let you know that Gemini and more than 340,000 earn users have been defrauded by genesis global capital. Together with its parent company digital currency group, its founder and CEO Barry silbert, and other key personnel.
Simply Bitcoin
"digital currency group" Discussed on Simply Bitcoin
"You. Oh man, technical difficulties just started out. Welcome to simply Bitcoin where your number one source for the peaceful Bitcoin revolution in color breaking news, culture dramatic warfare. We will be your guide through the separation of money and state. Wow. Wow, I was so excited. I was clicking the button ready, ready to start off the and. Dude, you disappeared. You weren't even in the studio and it started. I'm like, okay, what's going on? Oh man, but this is why you're here. This is why you're here. My awesome co host, how are you doing opti? How are you feeling this morning? I am doing good. I was just telling everyone the space. I am jacked up on coffee, so you know I'm feeling good. I'm excited for today's show. Without coffee. Dude, honestly, I used to not be addicted to coffee. This is a new thing for me. And I think I'm gonna blame the simply Bitcoin family because I need to be high energy for the show every single day. You know, I gotta be aware when I wake up early in the morning, prepare for the Twitter account. So, you know, this is my life now. Guys, I do this for you. I suffer for you guys. Oh man, opt is on the mission. Are you on the mission? That's the question. Okay, so today guys, we have an awesome show. We're going to talk about Barry silbert Barry silbert for anyone who doesn't know. Is the CEO of the digital currency group. They own a ton of companies. They also have a huge amount of Bitcoin under management. And he's in trouble. He's under fire. If you guys have heard of GBTC, that hold debacle that's been going on. This is the man behind it. So we're going to talk about a lot. We're going to talk, we're going to dive deep. We're going to see what's going on. It looks like there's an investigation, looks like the winkle vie are freaking out as well. So we're going to get into all the details of that. Of course, we bring the receipts and we have a very special video that I want opti to react to. And I saw these ex-girlfriend Christine Lagarde in it. So it's going to be interesting. Opti, what do we have during the culture, my friend? Well, we're going to do a little mini tribute to how Finney. Today is the 14th anniversary to the very famous and legendary tweet on Twitter of running Bitcoin. So we're going to show some love on that front and maybe make people more aware of who Hal Finney is.
Bloomberg Radio New York
"digital currency group" Discussed on Bloomberg Radio New York
"Space largely, nonetheless, it makes me wonder, okay, where else does this go? Sure. So I mean, it definitely extends beyond just the crypto world we've seen with silvergate bank sort of being impacted by this, for example. So but I would say that the impact beyond the world of crypto is fairly appears to be fairly small, but crypto was just about a little over a year ago was a $3 trillion market cap industry. And so we are right now it's less than 1 trillion. So two thirds of that is gone. And so of course that has meant the demise of a lot of different companies, but this is not the first crypto winter at the industry has gone through. This is not the first time when we've seen a lot of companies go belly up. And then it's come back. All good. You bring up the idea of how interconnected all of these companies we found are. I mean, one thing that continues to blow my mind is that digital currency group owns coin desk. Coin desk is the company that I think and correct me if I'm wrong, but really, was the first to kind of blow the whistle on the issues at FTX in the early part of November that led to this current crisis. Absolutely, that's exactly right. So in early November, coindesk put out a story just essentially pointing out that a lot of FTX sister company Alameda, which was a hedge fund. You know, a lot of it's balance sheet seems to be comprised of FTT token issued by FTX exchange. So they essentially pointed out that there is a possibility of manipulation here. And the thing is Alameda used those FTT tokens to borrow money throughout the crypto ecosystem, and of course when FTX and Alameda blew up, that caused a lot of troubles. Elsewhere, like for instance, yeah, for instance, like genesis they have some money stuck in the FTX. It goes back to this interconnectedness that you mentioned. Just in the last minute we have with you Olga, what do we need to watch for the smart questions we need to be asking when it comes to the future of digital currency group? You know, I think in the next week or so we'll have to see if genesis and its creditors come to any sort of an agreement, if not, I mean, there is a possibility potentially of a bankruptcy. So this is kind of the next thing that people a DCG bankruptcy or a genesis bankruptcy. No genesis genesis. So genesis being a portfolio company of DCG. Right. Okay. Taint over. It's not over. Olga, thank you so much. Olga Karev, crypto reporter at Bloomberg news joining us via Zoom from Portland, Oregon. But that's what strikes me is just the connectivity between so many of these entities, right? They were all kind of working together and everything was fine when things were going well. But different on the downside. It's remarkable to see the continued contagion. But again, I go back to what I said last week, Carol, where we're seeing this limited to crypto companies and crypto firms right now, which I think a lot of people should be grateful for. Right, you do feel like that there's, I don't know if this is the right word, but firewalls, right? Around. There hasn't been a contagion really over into the financial system more broadly. Maybe it's a good thing that the big banks we use each and every day didn't get involved. We're so wary. Yeah. Interesting, right? We will continue to track no doubt about it. All right, folks, Carol master Tim stanovich, we are Bloomberg businessweek
The Daily Hodl
Federal Prosecutors and SEC Probing Crypto Titan Digital Currency Group Report
"9 p.m. Sunday, January 8th, 2023. Federal prosecutors and SEC probing crypto Titan digital currency group report. Federal authorities are reportedly investigating the internal finances of crypto giant digital currency group DCG. According to a new report by Bloomberg, anonymous sources familiar with the matter saved that prosecutors from New York are probing the transactions between DCG and genesis a crypto lending subsidiary of the firm, as well as what customers were. The post federal prosecutors and SEC probing crypto Titan digital currency group report appeared first on the daily HODL
CryptoCompare
Market Analysis Report 06 Jan 2023
"10 a.m. Friday, January 6th, 2023 market analysis report, January 6th, 2023 silvergate reveals massive fourth quarter withdrawals digital currency group shuts down wealth management subsidiary New York State, sues former Celsius CEO
Bloomberg Radio New York
"digital currency group" Discussed on Bloomberg Radio New York
"Doxxing. I'm Brad Siegel. And I'm Susanna Palmer in the Bloomberg newsroom. The focus on crypto is expanding. We're hearing U.S. authorities are digging into the internal financial dealings of Barry silbert's crypto empire. Our source says federal prosecutors are looking at transfers between digital currency group and a subsidiary that offers crypto lending services. They're also looking at what investors were told about those transactions. The Securities and Exchange Commission is also said to be conducting an investigation. The investigations are in early phases and in neither silbert digital currency group nor any of its subsidiaries have been accused of wrongdoing. In a statement, the company said in part, DCG has a strong culture of integrity and has always conducted its business, lawfully. Reports on Friday showed that gains for workers wages slowed unexpectedly last month, which could reduce the pressure on inflation. And that leads to debate about the next fed meeting and interest rate hike. Tiffany wilding is chief U.S. economist at pimco. I certainly think it's a close call because of the labor market report, but I think still 25, an additional slowing to 25 basis point rate hike in the early February meeting still seems reasonable. You know, I really think that that labor market report was kind of a Goldilocks report for the fed. Because he had still strong labor market trends, but yet wages are starting to come down. Stocks were up for the first trading week of the new year, the S&P 500 is up 1.4%. The Dow up one and a half percent the NASDAQ rose 1% this week. Oil posted a large loss for the first trading week in the new year as demand uncertainty continued to hang over the market. We get more about that from Bloomberg's Charlie pellet. West Texas intermediate settled below $74 a barrel posting the largest weekly loss in a month over 8.1%. Saudi Arabia cut prices for crude sold to Asia and Europe in February, signaling concerns over the near term outlook. Meanwhile, China's battling a surge in virus
The Bitboy Crypto Podcast
"digital currency group" Discussed on The Bitboy Crypto Podcast
"DCG, okay? Who's the main guy behind DCG? Silver, silver, right? Okay, let's do this real quick. Let's go to Crunchbase here. Let's go to Barry silbert's I mean, is he not like the prototypical crypto dork? He really is. Another bad haircut. What an awful haircut. Like, can you at least, I don't think his haircut is that bad? Can you just comb your freaking hair berry? Can you just comb it? Just go with him at one time. People will like you for it. Okay, number of portfolio companies 12, number of exit 6. Primary organization, digital currency group, okay? Let's see here, DCG. Personal investments. Show more. I can not show them more here. One, two, three, four, 5, 6, 7, 8, 9, ten. This is funny. This is funny. There are two that you can't see without clicking. I believe one of them is circle. But here's May 29th, 2021, digital currency group, venture round, into circle, 440 $1 million. What day was that? May 29th. Yep. 21. Okay. 20 one? Oh, that's 2021, okay. Not 2022. The point is, look at all the money that they've given to circle. Another 25 million right here. Big Ed not allowed for U.S. citizens. So you hit a prompt and there you go, is what it is. Remember this guys can I just say that's the SEC protects investors from exchanges. It doesn't protect exchanges from investors. Remember that. That's something we talked about a lot last year or the year before, the year before I should start saying in 2021, we haven't said that in a long time. That's what you need to understand, okay? If you can put that two and two together, then it'll probably mean something to you. Barry silbert and circle heavily indeed DCG heavily invested into circle.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"digital currency group" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"In today's show. Bitcoin position. Guess what? For a major move up as Bitcoin could soon flag a big reversal signal, according to crypto strategists. I'll be breaking down the latest technical analysis. Also in today's show, three arrows capital cofounder says the digital currency group and FTX conspired to attack Terra and Luna. That's right, the cofounder of the bankrupt crypto hedge fund, three arrows capital, has launched a flurry of accusations despite facing legal scrutiny of his own also in today's show. Coin barrow predicts Ethereum layer twos will play a dominating role in crypto payments. That's right, the popular crypto analyst says that layer two projects built on the Ethereum blockchain will likely dominate the crypto payment space in 2023. Also in today's show, geminis, Cameron winklevoss insists the digital currency group needs to resolve liquidity issues and open letter to Barry sober. That's right, if you missed it, winklevoss, the cofounder of the crypto exchange Gemini published the open letter to digital currency group CEO, Barry silbert, January 2nd, stating that it has been 47 days since withdrawals from genesis had been halted and in the letter, winklevoss claimed that DCG owes $1.675 billion to genesis, silvered, however, responded on social media, denying the claim of breaking this down for you, also in today's show, SPF, he please not guilty in federal court on all counts, the former FTX CEO faces a criminal counts in the United States, which could result in up to a 115 years of prison time should he be convicted, also in today's show, crypto analyst, Mike Calvin depart, predicts over a 110% rally for the king crypto this year and shares his outlook. He also predicts that in 2024 to 2025, we see a massive bull cycle with Bitcoin entering 250, the $300,000 per coin will also be taken a look at the overall crypto market. All
The Breakdown
On Bitcoin's 14th Birthday, the Gemini-DCG War of Words Heats Up
"All right, folks, while I hope you have had a great holiday season in a very happy new year. And boy, this year is off with a bang. Yesterday for most businesses in the U.S. was a day off, which is what happens obviously when new year's falls on a Sunday. But that didn't stop some of the biggest drama in crypto for coming right up to the fore. So a quick recap of the genesis DCG Gemini situation. Genesis is a digital currency group subsidiary. By the way, so is coin desk. And genesis has been caught up in a lot of the crypto institutional failures of this year. In July, court documents from the liquidator of three arrows capital showed that DCG genesis had lent three arrows capital a total of $2.4 billion. Three C had put up approximately $1.2 billion worth of crypto as it was valued at the time as collateral. In the court filings, it showed that DCG claim against three AC was by far the largest at 1.2 billion. The next biggest creditor was Voyager digital whose claim was 687 million, and then there was one more claimant with 302 million and the rest were in the lowly 8 figures. At the time a spokeswoman for DCG said both the DCG and genesis balance sheets remained strong, with no remaining exposure to three hours capital, genesis continues to be well capitalized that its operations are business as usual. How many times was that sort of statement last year proven to be not completely true? So fast forward to the FTX collapse. At first genesis said they had basically no exposure, but then a few days later, that was up to 175 million. However, just a few days after FTX went into bankruptcy, genesis global capital, which is the company's lending unit halted withdrawals. is never a good sign in fact, it's usually the sign that something much bigger is going on than anyone had wanted to let on. The VP of communications and marketing at DCG said at the time, today genesis global capital genesis lending business made the difficult decision to temporarily suspend redemptions in new loan originations. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion. The decision impacts the lending business at genesis and does not affect genesis trading or custody businesses. Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries. Right from then no one thought that was exactly true. But over a couple of weeks, there was much swirling in rumor of potential bailouts and funding rounds.
The Bitboy Crypto Podcast
"digital currency group" Discussed on The Bitboy Crypto Podcast
"That's just how it goes. That's how it is. Jerry's kids, they're all in mansions. You didn't know that? All right, binance. Let's keep talking by an answer. Binance U.S. set to acquire Voyager digital assets for $1 billion. I thought they were broke. They were the largest bidder for the assets with an offer of $1.4 billion. I think this is going to be a very savvy investment three years from now. That's what makes this plot so interesting is this was obviously Voyager was set to be acquired by FTX U.S. and then FTX U.S. went under now binance is going to get it and all of their assets. Yeah, yeah. And it feels a good buy for FTX, the savvy businessman. I'm sure it was a goodbye for CZ as well. All right, you binance U.S. will acquire assets of Voyager digital for one basically $1 billion after a review of strategic options. The firm said that binance U.S. represented the highest and best bid for its assets, the deal set to close by the 18th of 23. We will be on the 7 seas then, agreed to make a $10 million deposit in good faith and will reimburse Voyager for certain expenses up to a maximum of $15 million. A hearing will be held by the presiding bankers court to approve the agreement on the 5th in addition the sale is subject to a creditor's vote and other customary closing conditions. So there's a couple of legal loopholes are going to go through, then it seems like CZ just got another, got another stone in his affinity gauntlet here. I know FTX was trying to build back love, but it looks like he sees the might end up beating him there. All right, Bitcoin giant DCG digital currency group has like nearly 300 million in crypto amid liquidity issues says Dutch exchange. Says DCG is withholding hundreds of millions of dollars from it due to its liquidity issues. That's not great. According to BitBoy, which holds, wow, $1.6 billion worth of Euros in crypto assets, it is expected that DCG repays its debt of about $280 million back over time, the exchange also notes that it will not be halting customer withdrawals due to the default we have heard that before though. We have heard that before.
Markets Daily Crypto Roundup
"digital currency group" Discussed on Markets Daily Crypto Roundup
"What is happening with crypto lenders? The bear market is strained every corner of the crypto industry, but perhaps none more than the business is involved in crypto lending. You likely know the names already. BlockFi, Celsius network and genesis global trading. And there are more, but these once highly respected firms represent some of the most embarrassing upsets of this year. They all have something in common, loans against digital assets. So what went wrong and can centralize crypto lenders ever regain market share and trust. Crypto lending is the process of linking people who have excess crypto and want to earn yield on their money by depositing it on a platform, which lends those funds out to people who want to borrow crypto and are willing to leave collateral and pay interest to take out a loan. In other words, crypto lending is essentially banking for the crypto world, as Reuters put it earlier this year. And as Lisa of The Simpsons once said, most comparisons are problematic. Before the market downturn, lending was big business for the crypto industry. Celsius sometimes called a neo bank, accrued over $11 billion worth of assets on its platform. BlockFi, which recently filed for chapter 11 bankruptcy protection had been valued at 3 billion just last year. Genesis a Wall Street facing firm owned by coin desk's parent company digital currency group had 2.8 billion in active loans at the end of the third quarter of this year.
The Breakdown
BlockFi Sues Sam Bankman-Fried Over Robinhood Shares
"Now when it comes to the crypto contagion story, not much has changed since yesterday. There is still a conspicuous lack of updates from genesis and digital currency group, although some amount of doom posting has subsided. Whether that's because there's new information or simply declining engagement with that doom posting, it's not exactly clear. Still, for those looking for a sliver of hopium, yesterday, massari's Ryan selk wrote, I am 90% confident that genesis does not need to go into chapter 11. That would be a strategic choice, but not a necessity. Beyond that, the most interesting follow-up to yesterday's contagion stories is a bit of bankruptcy to Ted between BlockFi and FTX. If you listen to the show yesterday, you know that BlockFi filed for chapter 11 on Monday. Well, on the same day, they also sued Sam bankman freed. Their complaint is aimed at emergent fidelity technologies, which is one of Sam's wholly owned holding companies. The suit is demanding that emergent, AKA Sam, turn over, quote unquote, unspecified collateral, which would be interesting on its own. However, according to loan documents seen by the Financial Times, the collateral in question is SPF's Robinhood shares. Remember, earlier this year, Sam bought about 7.6% of Robinhood, which sparked massive rumors that he was going to try to acquire the company outright. So here's the core of the suit. BlockFi claims that on November 9th, which was of course when everything was falling apart for FTX, but a couple days before its bankruptcy, emergent signed an agreement to guarantee Alameda's obligations to BlockFi, pledging a certain common stock as a security. When it appears like from the outside and looking back, was that as Sam was frantically trying to save FTX in Alameda from crumbling under their own weight, he tried to get BlockFi to chill out on calling do some of Alameda's deaths by pledging his Robin Hood stock as collateral. Now, importantly, earlier this month, FT also reported that based on signal messages they had seen, SPF had at the same time been trying to sell his Robin Hood shares to various parties directly. Those sale attempts continued right on through signing this pledge all the way until the evening of November 10th. However, whatever deal BlockFi thought it had was shot all to hell when FTX filed for bankruptcy.
CryptoCompare
Market Analysis Report (23 Nov 2022)
"10 a.m. Wednesday, November 23rd, 2022 market analysis report, November 23rd, 2022 FTX says substantial portion of assets are missing digital currency group reveals 2 billion of liabilities coinbase survey 62 of crypto investors increased allocations over past 12 months
Crypto Briefing
Digital Currency Group Reveals $2B in Liabilities, Including Debt to Its Own Subsidiary
"11 p.m. Tuesday, November 22nd, 2022. Digital currency group reveals $2 billion in liabilities, including debt to its own subsidiary. Digital currency group DCG currently has 2 billion worth of loans, according to a letter sent to shareholders today. DCG outlines lending situation in a shareholder letter sent to investors
Forkast
Digital Currency Group seeks to calm investors over Genesis loans: reports
"6 a.m. Thursday, November 24th, 2022. Digital currency group seeks to calm investors over genesis loans, reports, Barry silbert of DCG disclosed his company owes a U.S. 5 75 million loan and a U.S. 1.1 billion promissory note to its subsidiary genesis global capital
Blockchain News
Genesis hires a bankruptcy avoidance specialist
"6 a.m. Wednesday, November 23rd, 2022. Genesis hires a bankruptcy avoidance specialist. Ggc restructured. Moelis company is engaged. Voyager digital declared bankruptcy on July 1st, triggering ICO flood fears. Genesis global trading ceased lending. Insolvency and unprecedented market turmoil halted FTX. Grayscale investments, digital currency group's parent predicts 800 million in 2022 sales. Read more.
The Café Bitcoin Podcast
"digital currency group" Discussed on The Café Bitcoin Podcast
"So as long as they didn't lie to their investors of genesis, as long as there's enough data legal liability, like if you were a rich person and you give a bunch of money to a company whose job it is to lend that money and that companies screws up and lends it to the wrong people, that's not really a criminal act, right? Like it's not like they lied to you that they weren't going to lend the money out. So as long as genesis didn't actually break any laws, they can go down completely, all of the investors that put money into genesis will just lose all that money, but at least Barry doesn't go to prison or anything like that. So genesis will likely fail unless a fidelity, but no one wants to bail them out because genesis lent money to companies that will not be able to pay that money back. So who the hell would bail them out? Now, if GBTC was at a premium right now, yeah, the parent company digital currency group would probably sell a bunch of that GBTC at a premium and bail out their subsidiary, only not to look bad, they know they're going to lose that money. And that's pretty much the story how I see it. But since they refusing to show any risk to everyone's question, the parent company and therefore everything else, or is this something that they can keep isolated? There is a risk if genesis was run closer to, say, Celsius, like for example, if they promised some of the people, some of the creditors of genesis, some of the investors that it gave genesis capital to then use that capital and they lied to them and they used it in a way they weren't supposed to, then there was a huge legal risk. But I like, again, unless they're been lying or you can go to a grayscale website. They tell you exactly how much Bitcoin is backing it. Even to the share, right? So unless they're lying about that and they haven't seen any proof that they are lying, yeah. Do they have an administrator that has to verify all their assets or.
Crypto Critics' Corner
"digital currency group" Discussed on Crypto Critics' Corner
"But again, a couple of folks who are anonymously complaining about this random thing and it doesn't affect me necessarily, so I'm not going to care. One of the things I wanted to ask you about that, I hadn't even thought about for a while. Is that I don't know how many months ago this was. Maybe it was in November, December. I don't remember. But I remember it being reported, I think, by coin desk, that coin desk was going to start offering equity in digital currency group, which is for anyone who doesn't know digital currency group is the parent company of coin desk. And digital currency group has its hands in about a 150 different cookie jars in the cryptocurrency industry. And so I think the fear generally was, including from people like myself, was that if reporters journalists and others working for coin desk started to acquire equity in DCG, it might affect their biases. And might affect their willingness to report bad news, do you have any update on that? Do you have any do you have, what are your feelings about the equity program there? And what has happened since it was initially reported? So let me speak that and then this is also lets me address the I don't think I answered a question earlier about conflict of interest with our corporate parent. So let me do both at once. So first off, it's not actually equity that reporters have access to. I think our business side. So non reporters, people who are on the finance and possibly defense team, I don't know, don't quote me on that part. But some of our business side folks, I think, have access to equity. The editorial side, so reporters and editors do not have access to equity. What they were given access to is something called a stock appreciation rate. I don't fully understand it. I don't personally have any, but my understanding is that it's like a synthetic thing where if the equity price goes up and after a certain number of years, you're able to cash it out into cash, but it's not the same as equity doesn't give you the same rights as equity or the same accessibility. So for example, even though DCG holds meetings with shareholders, no one from editorial is allowed. So even under this, we wouldn't be allowed because of whatever non public non material or material non public information, all that jazz, so it's not the same as equity. I do know that some people, I think, have taken that up, they've accepted it.
The Pomp Podcast
"digital currency group" Discussed on The Pomp Podcast
"Let's start with Just remind everyone what is foundry and kind of the founding story of this in terms of what you guys are building. Yeah so Foundries a wholly owned subsidiary of the digital currency group and we're focused on supporting decentralised infrastructure. So both on the proof of work side and proof of stake side and We got started about will almost two years ago and We've been building out both sides of that business. We've scaled now to Approaching i think fifty employees which we've got an amazing team here at foundry and we provide so we might ourselves. We provide advisory services. We provide equipment financing. And we've deployed about three over three hundred million dollars now into the north american mining ecosystem. And then we've launched our north american mining pool which supports institutional size minors the the publicly traded minor. So they have a clear transparent pool to to mine in and We've got an advisory businesses. Well helping helping Miners get into the business. Staking side we. We now stake on about twenty different protocols. essentially like the infrastructure team for dc g. and and the other subsidiary companies dot. So when you think about what's changed over the last year so since we last talked There's been a bunch of changes growth in positive developments with foundry and also. There's been absolute chaos in the mining industry in general. Maybe let's start with kind of the market itself in how you evaluate what's transpired last twelve months or so. And then how has that allowed. You guys to navigate this kind of where are you both from a size standpoint and then also Kind of what. You are doing a service standpoint whereas most of your attention or energy right now you know. The mining space moves incredibly fast. It's like every thirty days sixty days. It's it's changing it's evolving and which makes it super exciting i would. I would say that you know about four years ago. I pivoted my whole career to go into the mining space. I don't think i could ever go back to the traditional world. It just moves way too
The Pomp Podcast
Bitcoin Mining With Mike Colyer
"Let's start with Just remind everyone what is foundry and kind of the founding story of this in terms of what you guys are building. Yeah so Foundries a wholly owned subsidiary of the digital currency group and we're focused on supporting decentralised infrastructure. So both on the proof of work side and proof of stake side and We got started about will almost two years ago and We've been building out both sides of that business. We've scaled now to Approaching i think fifty employees which we've got an amazing team here at foundry and we provide so we might ourselves. We provide advisory services. We provide equipment financing. And we've deployed about three over three hundred million dollars now into the north american mining ecosystem. And then we've launched our north american mining pool which supports institutional size minors the the publicly traded minor. So they have a clear transparent pool to to mine in and We've got an advisory businesses. Well helping helping Miners get into the business. Staking side we. We now stake on about twenty different protocols. essentially like the infrastructure team for dc g. and and the other subsidiary companies dot. So when you think about what's changed over the last year so since we last talked There's been a bunch of changes growth in positive developments with foundry and also. There's been absolute chaos in the mining industry in general. Maybe let's start with kind of the market itself in how you evaluate what's transpired last twelve months or so. And then how has that allowed. You guys to navigate this kind of where are you both from a size standpoint and then also Kind of what. You are doing a service standpoint whereas most of your attention or energy right now you know. The mining space moves incredibly fast. It's like every thirty days sixty days. It's it's changing it's evolving and which makes it super exciting i would. I would say that you know about four years ago. I pivoted my whole career to go into the mining space. I don't think i could ever go back to the traditional world. It just moves way too