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.”