In Brief:
- NYDIG raised $1 billion in a growth equity funding round valuing the firm at $7B.
- The largest funding round ever was led by Westcap and investors like FinTech Collective and Bessemer Venture Partners participated.
- The new funds will be used to develop its institutional-grade bitcoin platform.
The leading bitcoin firm, NYDIG, announced it has raised $1 billion in a growth equity funding round valuing the platform at $7 billion. The figures make it the largest funding round in the whole crypto history.
According to the press release, the funding round was led by Westcap and saw participation from investors such as FinTech Collective and Bessemer Venture Partners.
The round also saw involvement from strategic partners and existing investors like MassMutual, Affirm, Fiserv, FIS, New York Life, and Morgan Stanley.
According to the statement, NYDIG will use the new funds to develop its institutional-grade bitcoin platform, which will include support for Lightning Network payments, smart contracts, and asset tokenization.
NYDIG will also utilize the fresh capital to expand its team on a global scale.
NYDIG also plans to expand BTC adoption to over 650 U.S. banks and credit unions, as well as introduce BTC trading for 18 million banking users in the United States.
During the last two years, NYDIG has constantly launched fresh investment rounds, raising $100 million in April and $200 million in March, respectively.
For corporations, banks, and high-net-worth individuals, the firm offers a customized full-stack solution. It is worth noting that NYDIG does not run a retail business.
Bitcoin-focused software services in asset management, trading, custody, data analytics, AML/KYC, and accountancy are NYDIG’s available offerings. It also offers a Bitcoin Rewards Card in collaboration with Upgrade, a fintech business.
Robert Gutmann, co-founder, and CEO of NYDIG stated, “The prospects for both NYDIG and Bitcoin have never been more exciting. “Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all.”
A few days back crypto firm Palm NFT Studio announced the raising of $27 million in a Series B funding round led by Microsoft’s venture fund M12. The newly raised funds will allow the team to extend the Palm NFT Studio’s technological platform and make it available to third parties wishing to deploy NFT projects in movies, games, music, and art, etc.
