Bitcoin News

BitGo Series B round hits $58.5 million

US crypto custody service, BitGo, has announced the second close of its Series B funding round.

New investors, Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures, a venture investment firm founded by Michael Novogratz, are joining Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures.

This brings the total amount raised in the round to $58.5 million. The cash will support BitGo’s development of its crypto wallet.

“Greater institutional participation in the digital asset markets requires secure and regulated custody solutions,” says Rana Yared, a Managing Director of Goldman Sachs’ Principal Strategic Investments group.

“We are impressed by BitGo’s product, unique services, and the management team. We view this investment as an exciting opportunity to contribute to the evolution of this critical market infrastructure.”

“Institutional investors are gradually realising that digital assets are going to be a game changer, and they want to participate,” comments Novogratz.

“We have been impressed with BitGo’s world class team, their deep technical understanding of digital assets as well as their ability to deliver institutional-quality products to investors. Our team is excited to support BitGo as it enters into this next phase of growth.”

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

1 month ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 month ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 months ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

2 months ago