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Bitcoin-Focused Investment Firm Brings On Western Union, Lawrence Summers
Digital Currency Group, an investment firm focused on bitcoin and blockchain startups, is adding a new group of investors and advisers, bringing on Western Union Co. and former Treasury Secretary Lawrence Summers.
The moves, which also include an expansion of the board of the six-month-old firm, are expected to be announced Thursday.
The actions aim to strengthen the investment company as it shifts its focus from the virtual currency bitcoin to its underlying technology, blockchain.
The amount raised in the round wasn’t disclosed. In addition to money-transfer company Western Union, the firm’s new investors include HCM International Co., an investment subsidiary of Foxconn Ltd.; Gibraltar Investments, the venture arm of Prudential Financial Inc. ; and OMERS Ventures, the investment arm of the Ontario Municipal Employees Retirement System.
The firm had an earlier investment round, also for an undisclosed amount, that included MasterCard, Bain Capital and New York Life.
Digital Currency Group also named two new board members: Glenn Hutchins, a co-founder of the private-equity firm Silver Lake Partners, and Lawrence Lenihan, who founded FirstMark Capital and now runs a firm called Resonance. Along with founder Barry Silbert, the firm now has a three-person board.
Additionally, it added Mr. Summers and bitcoin developer Gavin Andresen as senior advisers.
Digital Currency Group, an investment firm focused on bitcoin and blockchain startups, is adding a new group of investors and advisers, bringing on Western Union Co. and former Treasury Secretary Lawrence Summers.
The moves, which also include an expansion of the board of the six-month-old firm, are expected to be announced Thursday.
The actions aim to strengthen the investment company as it shifts its focus from the virtual currency bitcoin to its underlying technology, blockchain.
The amount raised in the round wasn’t disclosed. In addition to money-transfer company Western Union, the firm’s new investors include HCM International Co., an investment subsidiary of Foxconn Ltd.; Gibraltar Investments, the venture arm of Prudential Financial Inc. ; and OMERS Ventures, the investment arm of the Ontario Municipal Employees Retirement System.
The firm had an earlier investment round, also for an undisclosed amount, that included MasterCard, Bain Capital and New York Life.
Digital Currency Group also named two new board members: Glenn Hutchins, a co-founder of the private-equity firm Silver Lake Partners, and Lawrence Lenihan, who founded FirstMark Capital and now runs a firm called Resonance. Along with founder Barry Silbert, the firm now has a three-person board.
Additionally, it added Mr. Summers and bitcoin developer Gavin Andresen as senior advisers.
Barry why GA?
You're losing credit man!