With the failure of FTX and many other issues plaguing the digital currency world, many are wondering what the fate of the Digital Currency Group (DCG) in Connecticut will be. This organization argues that one of the largest in the universe, and its partner – crypto loaned on the Genesis platform – recently hit rumors that the bankruptcy is in the space when each service is closed.
DCG Said Everything Is Fine
Despite this, Connecticut regulators and economists have confidence in the organization’s ability to stay afloat and operate. David Lehman – commissioner of the State Department of Economic and Community Development – explained in a recent interview:
They are not isolated, they are trying to navigate around a strong market as the market changes, and that is doing very well right now, especially with the recent news around FTX. Like many other companies in the crypto space, DCG had to make some changes.
It recently laid off about ten different employees, reducing its workforce from around 76 to 66 at the time of writing. However, that did not stop him from taking on a new role, showing that the first layoff was not because the company was suffering but because a change was needed.
DCG Recently Explained in a Statement:
We recently made internal changes to position DCG for its next growth phase, including the reorganization of our divisions and several promotions within our management team. DCG is well established in Stamford, Connecticut.
Recently, the company moved from Manhattan to Stamford, Connecticut. Barry Silbert – founder and CEO of DCG – said:
We are proud to be doing something special here in Stamford. We believe that Stamford has the infrastructure, resources and talent to create the space for the next generation of fintech and crypto companies. The company said it aims to create up to 300 full-time jobs. This can get him a grant of around $5 million depending on the state, which will help the leaders to continue all the work.
Lehman continued that:
Connecticut taxpayers are not exposed to DCG’s business risks. If the work does not work or less (more than expected), then in the end the profit will be less. Preparing for the future
So far, no money has been paid to the company, although the company is still working to sign the correct documents with the local authorities and do what they need to do to establish a wave. right water. Amanda Cowie – spokeswoman for DCG – explained:
We continued in good faith, handing over the signed documents as soon as the summer of this year. We have a signed letter of intent and financial plan with DECD, and a good relationship with our business partners there.