Western Union Invests in Digital Currency Group

By April 29, 2016Bitcoin Business

Western Union , whose business model of money transfer could be under threat from bitcoin , is one of the new investors in Digital Currency Group (DCG). DCG is an investment firm focusing on the bitcoinCT r: 8 /blockchain technology space .

Could this herald changing times? About Digital Currency Group

Digital Currency Group was set up in October 2015 to focus on investments in the nascent bitcoin and blockchain technology space. Its portfolio of investments includes 70 companies across 22 countries.

It has 3 subsidiaries – Genesis, Grayscale and CoinDeskCT r: 9 . The CEO and Founder of DCG is Barry Silbert , who had earlier founded SecondMarket . DCG Adds New Investors

Digital Currency Group has announced that it has added new investors, including Western Union, HCM International Company, Gibraltar Ventures, OMERS Ventures, Horizon Kinetics, Kingsbridge Wealth Management, and Wood Investment Partners.

HCM International Company is the investing arm of the Taiwanese group FoxConn, while Gibraltar Ventures is the investing arm of Prudential.

The wide range of investors shows that companies across the world recognize the potential of the blockchain as a disruptor. New Advisers Added

DCG also added Glenn Hutchins and Lawrence Lenihan to its Board. Glenn Hutchins is the Chairman of North Island and is also a director of AT&T and Nasdaq Inc.Dr. Lawrence H. Summers and Gavin Andresen have joined DCG as senior advisers. Dr. Summers was the Secretary of the Treasury for President Clinton. Gavin Andresen is one of the developers of the bitcoin protocol and the chief scientist of the Bitcoin Foundation .DCG feels that these advisers will be critical in increasing adoption of blockchain technology and reaching a broad set of end-users.On the Company’s blog (DCG Insights), Barry Silbert writes: “We are honored to have the support of so many fantastic investors and advisers and […]

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