Foundry Acquires Web3 Firm Upstate Interactive to Expand Blockchain Services

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Apr 27, 2022, 09:00 ET

Combined expertise will advance a decentralized infrastructure on a larger scale

ROCHESTER, N.Y., April 27, 2022 /PRNewswire/ -- Foundry Digital LLC ("Foundry"), a wholly-owned subsidiary of Digital Currency Group (DCG) focused on digital asset infrastructure, and Upstate Interactive, a women-owned Web3 software development and consulting company, jointly announce Foundry's acquisition of Upstate Interactive. The Upstate Interactive team will join Foundry to provide world-class products and services to institutions — all while continuing to cement Upstate New York as a booming tech hub of the blockchain era.

The acquisition follows Upstate Interactive's recent client work with Foundry, bringing the Foundry Staking service line to life with UI/UX development. Through collaborating on the staking site and portal, both companies discovered that working together and combining expertise would unlock the potential to empower a decentralized infrastructure on a much larger scale.

While Upstate Interactive was founded in Syracuse, NY, the company has scaled in a fully remote capacity. As part of the acquisition, all Upstate Interactive employees will be joining Foundry at the beginning of May, and the firm's capabilities will be integrated into Foundry's offerings.

"The passion and skills of everyone on Upstate Interactive's team complement those that we have at Foundry," said Mike Colyer, CEO of Foundry. "This acquisition will build on our mission to shape the future of decentralization from right here in Upstate New York."

The three partners and co-founders of Upstate Interactive share similar excitement about the acquisition. "Joining Foundry creates even more possibilities for the blockchain space to advance, especially given our shared roots in Upstate New York," said Zoe Koulouris Augustinos. "We've seen how rapidly Foundry's team has grown over the past year, and it's clear that their vision aligns with ours. We're excited to combine resources and empower our people together," said Kseniya Lifanova. Doug Crescenzi noted, "We wouldn't have gotten to this point without our collective team of passionate individuals. Giving every one of them more opportunities to grow in the long run is top of mind."

Foundry provides institutions with various products and services related to the infrastructure layer of digital assets. These include the Foundry USA Pool, which is the largest bitcoin mining pool in terms of computing power, and Foundry Staking, which provides staking and other white-glove services around various proof-of-stake blockchain networks to institutions.

About Upstate Interactive
Founded in 2016, Upstate Interactive is a women-owned Web3 software development and consulting company focused on building a better world with decentralized technology. With experience in blockchain and custom software development, the versatile team builds distributed applications and smart contracts on Ethereum, supporting DeFi, NFTs, DAOs, and diverse software projects for the modern enterprise. For more information on Upstate Interactive, please visit upstateinteractive.io.

About Foundry
A subsidiary of DCG, Foundry Digital LLC is a financing and advisory company focused on digital asset mining and staking. With the mission of empowering a decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence. Foundry is based in Rochester, NY. For more information, please visit foundrydigital.com.

SOURCE Foundry