BitGo, a leading cryptocurrency custodian, has secured $100 million in a Series C financing round, propelling the company’s valuation to $1.75 billion. The round was led by Valor Equity Partners, with participation from existing investors such as Galaxy Digital, Craft Ventures, and Digital Currency Group.
BitGo Plans to Continue Expanding on to New Horizons
The funding will be used to expand BitGo’s product offerings, grow its team, and enter new markets. BitGo plans to use the funds to develop new products for institutional investors, such as a platform for managing digital assets across multiple blockchains. The company also plans to hire more engineers and compliance experts to support its growth.
BitGo is one of the leading cryptocurrency custodians in the world, with over $40 billion in assets under custody. The company offers a variety of services for institutional investors, including hot and cold storage, staking, and lending. BitGo is also a regulated custodian, which means that it is subject to strict financial regulations.
The latest funding round is a sign of the growing institutional adoption of cryptocurrency. As more and more institutions invest in cryptocurrency, they will need to find secure and compliant custodians to hold their assets. BitGo is well-positioned to meet this demand, and the company’s valuation reflects its growing importance in the cryptocurrency ecosystem.
In addition to the funding, the company also announced several new partnerships and integrations. The company partnered with Chainalysis to provide its customers with blockchain analytics. BitGo is also integrated with Fireblocks, a leading digital asset security platform.
These partnerships will help BitGo to further secure its customers’ assets and provide them with a more comprehensive suite of services. The latest funding round and partnerships are a major milestone for BitGo. The company is well-positioned to continue its growth and become the leading cryptocurrency custodian for institutional investors.
Since its 2013 launch, BitGo has led the way in multi-signature Bitcoin wallet technology and now provides security, custody, and liquidity solutions. The business claimed to process 20% of all on-chain Bitcoin transactions by value and service more than 1500 institutional clients across more than 50 nations.
