Key Takeaways
NYDIG has raised $1 billion in a funding round led by WestCap.
The funding round puts the firm’s valuation at $7 billion.
The capital will be used to develop new institutional Bitcoin products.
Share this article
Bitcoin firm NYDIG has raised $1 billion in a funding round led by WestCap.
NYDIG Hits $7B Valuation
NYDIG just announced crypto’s latest mega raise.
The New York-based Bitcoin firm revealed it had closed a $1 billion funding round led by WestCap today. NYDIG is the crypto subsidiary of Stone Ridge, a fund with over $10 billion in assets under management.
The raise also saw participation from several other major names in the finance world, including Bessemer Venture Partners, FinTech Collective, Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life.
Discussing the raise, NYDIG CEO and co-founder Robert Gutmann said:
“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.”
NYDIG previously raised $200 million in a March funding round. The $1 billion sum puts the firm’s valuation at $7 billion.
In a press release, NYDIG reported that the newly-raised capital would be used to develop new institutional software services around Bitcoin. The note details how it plans to design products that will incorporate smart contracts, asset tokenization, and payments on Bitcoin’s Lightning Network. The funds will also be used to make new hires.
NYDIG is a key player in the Bitcoin services market, allowing institutions to gain exposure to the top cryptocurrency in a fully regulated manner. The firm offers a proprietary full-stack solution for corporations, banks, and high net worth investors. Notably, it does not operate a retail business.
Its existing offerings include Bitcoin-focused software services in asset management, trading, custody, data analytics, AML/KYC, and accounting. It also offers a Bitcoin Rewards Card in partnership with a fintech firm called Upgrade.
NYDIG has been active across various pursuits focused on increasing crypto adoption over the last year. In December 2020, the firm helped 150-year-old financial giant Mass Mutual allocate $100 million into Bitcoin. Following that, it collaborated with digital payment firm NCR on a mobile app for 650 U.S. banking clients to buy cryptocurrencies.
Disclaimer: The author held ETH and other cryptocurrencies at the time of writing.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Bitcoin Tech Company NYDIG Raises $200 Million
NYDIG has announced a growth capital round led by Stone Ridge Holdings Group and Morgan Stanley. Institutions Funding Bitcoin NYDIG is a subsidiary of Stone Ridge, an alternative asset manager…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…
NYDIG Launches Bitcoin Trading for 650 U.S. Banks
Digital asset management firm NYDIG will allow 650 U.S. banks and their estimated 24 million clients to invest in Bitcoin and other cryptocurrencies from the safety of their bank accounts….
Bitcoin Is Coming to a US Bank Near You, Says NYDIG
Banks can either provide crypto services to their clients or see them send their dollars to Coinbase, warns Yan Zhao, the president of crypto custody firm NYDIG. NYDIG Says Banks…
Be the first to comment