Leading Bitcoin investment solutions provider, New York Digital Investment Group (NYDIG), has recently raised $1 billion from industry investors in its latest funding round.
The move by the company comes a few months after it raised $100 million of additional growth capital from strategic partners including Starr Insurance, Liberty Mutual Insurance, and other P&C insurers to build Bitcoin powered products for insurance firms.
The latest funding round was led by growth equity firm WestCap with participation from Bessemer Venture Partners, FinTech Collective Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life among others.
A $7B Valuation
The fresh capital, which puts NYDIG at a $7 billion valuation, will help the company to expand and improve its platform, using recent upgrades to the Bitcoin protocol with capabilities such as the Lightning Network, asset tokenization, and smart contracts.
Commenting on the latest development, Robert Gutmann, co-founder and CEO of NYDIG, said:
“The prospects for both NYDIG and Bitcoin have never been more exciting. Our roster of partnerships and strategic investors lays out 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.”
Scott Ganeles, a senior partner at growth equity firm WestCap, also shared similar comments as to reasons why the company chose to lead the funding round.
“We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.”
Meanwhile, the Bitcoin investment solution that NYDIG offers has recorded interest from financial institutions.
For instance, in October, America-based institutions, Five Star Bank & Unify Credit Union began offering Bitcoin services via the NYDIG Solution.
In another development, NYDIG acquired Bottlepay to integrate the company’s Lightning Network infrastructure into its already existing Bitcoin platform.
