Business Wire

DCG Enters into Bitcoin Mining with Newest Subsidiary: Foundry

Share

Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, today announced a new wholly-owned subsidiary: Foundry. Quietly formed in 2019, Foundry offers institutional expertise, capital, and market intelligence to digital asset miners and manufacturers, providing them with the resources to build, maintain, and secure decentralized networks. Mike Colyer, a former Core Scientific executive, was tapped to be Foundry’s Chief Executive Officer.

Foundry was created to meet the institutional demand for improved capital access, market efficiency, and transparency in the bitcoin mining industry. The company currently offers three services for the mining ecosystem: equipment financing and procurement; mining and staking; and consulting and advisory services.

Since its inception, Foundry has already emerged as one of the largest bitcoin miners in North America. It has also extended tens of millions of dollars in equipment financing to other mining organizations and helped to procure approximately half of the bitcoin mining equipment delivered in North America this year.

“We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations — particularly in North America,” said Mike Colyer, CEO of Foundry. “We are a business built by miners for miners, and we are partnering with entrepreneurs who share our mission of advancing the industry and creating a decentralized mining ecosystem.”

DCG has committed to invest more than $100 million into Foundry through 2021. For the first time, miners and manufacturers can access trusted partners and capital resources through the powerful DCG network.

“Our mission at DCG is to accelerate the development of a better financial system,” said Barry Silbert, Founder and CEO of DCG. “Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement. Foundry is bringing critical resources and guidance to an essential corner of the industry, and Mike Colyer and his team have the expertise, credibility, and integrity to support the evolving needs of miners and manufacturers.”

Foundry is focused on partnering with key players in the mining and staking industry with the goal of creating greater access to digital asset mining, decentralizing geographic opportunity, and bringing more legitimacy and transparency to the bitcoin mining ecosystem. In addition, Foundry expects to work closely with energy companies and governments to help formulate and execute their mining strategies.

“Foundry’s understanding of the mining industry and DCG’s full support have made it a key partner in our expansion across North America in the past year. We plan to continue collaborating with Foundry as we focus on increasing our global market share,” said Jordan Chen, COO of Shenzhen-based bitcoin miner manufacturer MicroBT.

“Through Foundry’s work and financial support of our end customers, we have been able to ship a significant number of machines into the US this year,” said Su Ke, Global Sales and Marketing Director of Antminer at Bitmain. “Foundry’s institutional grade services for North American businesses and its team’s expertise have played a key role in making this happen. We look forward to working closely with Foundry to reach even more customers and provide an even better experience to them.”

In addition to Foundry, DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currency industry, Genesis, the world's first full-service digital currency prime broker, and CoinDesk, the leading blockchain industry media and events company. DCG is also an investor in more than 160 companies around the world.

Colyer and his team are based in Rochester, New York.

About Foundry

A subsidiary of DCG, Foundry is a financing and advisory company focused on digital asset mining and staking. With the mission of empowering decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence.

Foundry is based in Rochester, NY. For more information, please visit foundrydigital.com.

About DCG

Founded in 2015 by Barry Silbert, Digital Currency Group is a global enterprise that builds, buys, and invests in blockchain companies all over the world. As the most active investor in the blockchain space, DCG sits at the epicenter of the blockchain industry, backing more than 160 companies in 30+ countries. In addition to its investment portfolio, DCG is the parent company of Grayscale Investments, Genesis, CoinDesk, and Foundry.

DCG is based in New York City. For more information, please visit dcg.co.

Contact information

Media
Mark Murphy
press@dcg.co
media@foundrydigital.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LG Chem Life Sciences and TransThera Biosciences Announce FDA Clearance of IND for TT-01025, a SSAO/VAP-1 Inhibitor2.12.2020 00:00:00 CETPress release

LG Chem Life Sciences (“LG Chem”), a division of LG Chem, and TransThera Biosciences Co. Ltd. (“TransThera”), a clinical-stage biotechnology company based in Nanjing, China, announced today that U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug (IND) application for TT-01025, a novel SSAO/VAP-1 inhibitor for the treatment of non-alcoholic steatohepatitis (NASH) and other inflammatory diseases. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201201006171/en/ LG Chem will initiate the Phase 1 clinical trial at PPDLas Vegas Clinical Research Unit in Las Vegas, NV, United States to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of TT-01025 in healthy subjects. The trial is expected to be initiated in the first quarter of 2021. “As liver manifestation of a metabolic disorder, NASH is a potentially life threatening condition which increases cardiovascular risk and can lead to

Anark Deepens Commitment to Customer Engagement with Additions to Executive Leadership Team, Marketing, and Sales Enablement1.12.2020 20:51:00 CETPress release

Anark Corporation, a leading provider of Intelligent Information Management (IIM) and collaboration software, announced today that Greg Caldwell, former marketing executive at 3D Systems and Microsoft, has joined as Vice President of Marketing and Sales Enablement. Caldwell will join the executive leadership team and be responsible for elevating Anark’s global brand, expanding market opportunity, and growing the business. Caldwell is a seasoned marketer, strategist, and business leader with an extensive background in IT hardware, software, and manufacturing. Throughout his career he has always believed in putting the customer first and creating modern, relevant, digital initiatives that help customers educate themselves and make more informed buying decisions. Prior to joining Anark in November of 2020, Caldwell was Vice President of Marketing and Communications at 3D Systems, one of the world’s leading additive manufacturing companies. Before 3D Systems, he spent almost 11 years as Gl

Lineage Logistics Enters the Polish Cold Storage Market With the Acquisition of Pago Sp. z o.o.1.12.2020 18:04:00 CETPress release

Lineage Logistics Holdings, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has acquired Pago Sp. z o.o. (“Pago”), a leading warehousing, distribution and transport logistics provider in Poland from its current ownership, including Tönnies International Holding GmbH (“Tönnies”). The strategic acquisition marks the Company’s entrance into the Polish market and adds six exceptional assets to Lineage’s global network of temperature-controlled facilities. Lineage was founded and continues to be managed by Bay Grove Capital, LLC (“Bay Grove”), a principal investment firm dedicated to partnering with strong management teams to build long-term platform investments. Financial terms of the transactions were not disclosed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201201005951/en/ The acquisition of Pago Sp. z o.o

Sumitomo SHI FW fluidized bed technology – upscaling thermochemical energy storage to a commercial level1.12.2020 17:47:00 CETPress release

One of the largest obstacles in using renewable energy efficiently is the possibility to store energy on a large scale. SaltX Technology AB has partnered with Sumitomo SHI FW (SFW) to solve this in terms of heat energy. "The storage solution is like a "salt battery". It is based on a basic chemical process with a very common material, calcium oxide produced from limestone, with enhanced properties by our nanocoating process", explains Carl-Johan Linér, CEO of SaltX. Simplified, when calcium oxide reacts with water, it turns into calcium hydroxide and releases heat. Respectively, when calcium hydroxide is dried, it absorbs heat. SFW has designed a fluidized bed pilot reactor, which serves as the point of discharge, where the salt releases the heat. The new 100 kW reactor in SaltX's new testing installation in Sweden, near Stockholm, combines the performance of SaltX's patented nanocoated salt with SFW's fluidized bed technology. "SFW's technology has huge potential to take the salt batt

PierianDx Announces Expanded Partnership with Illumina to Support Cancer Genomic Reporting in Global Markets1.12.2020 17:00:00 CETPress release

PierianDx, the leading clinical genomics informatics company, today announced an expanded partnership with Illumina to enable PierianDx genomic reporting solutions for use with AmpliSeq™ for Illumina® Focus Panel, AmpliSeq™ for Illumina® Myeloid Panel and the TruSight™ Hereditary Cancer Panel. Adding these panels expands the existing relationship between Illumina and PierianDx, which currently covers use of the PierianDx platform to support genomic reporting in key global markets for the TruSight Oncology 500 portfolio. Performing a comprehensive NGS test and delivering an accompanying genomic report were once only accomplished via a send-out test to a commercial lab. However, in performing tests as send-outs, healthcare organizations relinquish control over samples, turnaround time, and quality. The PierianDx platform enables healthcare organizations to accelerate their precision medicine programs by empowering them to create accurate, timely, and comprehensive clinical genomic report

Rhizen Pharmaceuticals Announces US FDA Acceptance of its IND Application for RP7214 in SARS-CoV-2 Infection; Phase 1 Clinical Trial of RP7214 Set to Begin Early December 20201.12.2020 16:01:00 CETPress release

Rhizen Pharmaceuticals, a clinical-stage oncology-focussed biopharmaceutical company, today announced the approval of its Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA) to study its oral DHODH inhibitor for SARS-CoV-2 infection. The company announced that initial study shall evaluate single ascending doses of RP7214 in healthy volunteers and that dosing is expected to commence in early December 2020. The company also announces positive feedback from the FDA during its pre-IND discussion on its plans to follow-up this study with a multiple-ascending dose study in Covid-19 patients. Dihydroorotate dehydrogenase (DHOHD) is a key enzyme involved in pyrimidine biosynthesis in the cell. RP7214 is potentially a best-in-class selective DHODH inhibitor that has shown potent inhibition of Covid-19 viral replication. RP7214 has also been studied extensively across multiple inflammation models where it has demonstrated excellent anti-inflammatory activity