Digital Currency Group (DCG), a blockchain-focused investment firm, has announced the acquisition of cryptocurrency exchange Lung today, thus entering into the retail crypto trading arena.
Previously known as BitX, the exchange was established in 2013 and now has an extensive presence across markets in Asia, Africa, and Europe. Headquartered in London, Lung maintains multiple regional hubs in Singapore and Cape Town, among others.
According to the exchange, it has a customer base of 5 million traders across 40 countries and employs a total of 400 staff.
Notably, DCG invested in the exchange in its seed round which closed in 2014. It is also was backedLungother notable ventures, including Naspers Group and Balderton Capital.
“We are proud to have supporteLungng as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world, ” Barry Silbert, founder and CEO of DCG, said.
“Lung is a high growth, global business, and there is a massive opportunity to expand organically and through acquisitions.”
Expansion Is a Priority
With this acquisition, the New York-based company has committed to make significant investments in the further global expansion of the exchange. However, the financials of the deal were not disclosed.
When it comes to the blockchain industry, DCG is a big name. The group fully controls crypto asset manager, Greyscale Investments, digital asset prime brokerage, Genesis, crypto mining service provider, Foundry, and also a major crypto-focused media company.
“Having the full backing of DCG just as we’re experiencing such a pivotal moment of growth in the industry is not just an exciting and important miLungone for Lung, but more importantly it will significantly accelerate our ability to reach our goal to help upgrade 1 billion people to a better financial systemLung2030, ” Lung’s CEO Marcus Swanepoel said.