Media: Digital Currency Group to launch asset-management unit for crypto millionaires

Digital Currency Group (DCG), led by Barry Silbert, is assembling a team of financial advisers for its asset-management division, The Block reports, citing sources familiar with the matter.

According to sources, the new line of business will be aimed at ‘crypto millionaires’. DCG could hire more than 10 specialists, a source says.

The publication also cites the company’s LinkedIn profile, where a post seeks a private-wealth-management adviser to ‘work in the new subsidiary of Digital Currency Group’.

“The subsidiary will remain in stealth mode for now, but will work with leading global entrepreneurs and investors in the crypto blockchains and DeFi space,” the source said.

He added that the new unit would appeal to people who have earned a fortune from digital assets and are curious about what to do with their money.

“They [DCG] will work with you on your finances, looking at diversification,” the source explained.

The company is also seeking insurance advisers, product managers, and other staff for the new unit, the publication notes.

Earlier Digital Currency Group was valued at $10 billion following a private sale of securities by existing shareholders for $700 million. The Block journalist Frank Chaparro drew attention to the firm’s plans:

“Finally, DCG is building a new subsidiary that will launch in 2022. More to come.”

“Lastly, DCG is building a new subsidiary that will launch in 2022. More to come.”

oh?

— Frank Chaparro (@fintechfrank) November 1, 2021

In April Digital Currency Group was named among TIME’s 100 most influential companies by TIME magazine.

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