Digital Currency Group Planning Wealth Management Business for Cryptocurrency Millionaires
Barry Silbert’s Digital Currency Group is hiring a team of financial advisors for its wealth management unit, reported The Block, citing sources with knowledge of the firm's operations.
It was last December that the reports of DCG planning to launch a new wealth management business first became public. The firm has been looking to formally open this division that will focus on wealthy crypto millionaires for some time now.
Now, DCG is finally posting jobs on LinkedIn seeking a private wealth advisor to “work within Digital Currency Group's newest subsidiary.”
“The subsidiary remains in stealth mode but will be working with the world's leading crypto blockchain and DeFi entrepreneurs and investors,” the source was quoted as saying.
It is estimated that the firm can hire as many as more than ten wealth advisors to start this business. Besides creating “comprehensive wealth management plans,” the job positions will be building relationships with its members.
This business will focus on those crypto people who gained riches in the crypto market and don’t know what to do with their money or how to diversify their finances.
DCG is reportedly also planning to hire product managers, private client insurance advisors, and several other roles for the new unit.
On Monday, DCG also raised $700 million in a secondary funding round at a valuation of $10 billion from Softbank and Google’s venture arm. At the announcement, the parent company of the world’s largest digital asset manager Grayscale Investments said, “DCG is building a new subsidiary that will launch in 2022. More to come.”