Crypto venture capital firm Digital Currency Group (DCG) has decided to split its Foundry mining business into two separate entities. According to a report from Blockspace, this restructuring was unveiled in a private DCG shareholder letter shared with key stakeholders. The new entities include Fortitude Mining and Foundry.
Major Foundry Restructuring is in the Works
Per the Blockspace report, Fortitude Mining will accommodate Foundry’s former self-mining operations and physical infrastructure. On the other hand, Foundry will stick to its pool operations and other Bitcoin mining service business lines.
In the shareholders’ letter, DCG noted that it is making adjustments to the business to position it for future growth.
“We believe [Fortitude] will be stronger as a standalone business, and so we are spinning it out as a wholly-owned DCG subsidiary,” the letter reads.
To make the transition smoother, DCG will bring some of Foundry’s leadership into the new subsidiary. For furt
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