Bitcoin services provider, NYDIG became the latest crypto firm to cross the valuation of $7 billion after the company secured a massive growth equity funding of $1 billion. According to NYDIG, the recent funding will be utilized for the expansion of its institutional-grade Bitcoin platform.
WestCap, one of the most prominent growth equity firms, led the funding round. The financing round saw participation from Bessemer Venture Partners, FinTech Collective, Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life.
In addition to the development of an efficient Bitcoin platform, NYDIG aims to use the funds to enhance its team around the world. NYDIG outlined the advantages of the company’s bank solutions business in the latest press release.
"The prospects for both NYDIG and BTC have never been more exciting," said Robert Gutmann, the Co-Founder and CEO of NYDIG. "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."
Bitcoin Network
Bitcoin network is evolving by the time. With that, companies need to update their services according to the latest crypto protocols, asset tokenization and smart contracts. With nearly 90% of the total BTC supply already mined, the overall demand for the crypto asset is rising substantially.
"We are leading the investment round in NYDIG because of a shared belief in the industry-reshaping power of Bitcoin and WestCap's conviction in the NYDIG team to continue to execute on the incredible opportunity in front of them," said Scott Ganeles, Partner at WestCap. "NYDIG plays a unique role in the industry, empowering companies of all types to incorporate BTC in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption."
