Bitcoin company NYDIG raises $50m

Cryptocurrency company NYDIG has bagged $50m in growth equity funding from investors including financial services companies in commercial banking, insurance, investment banking, and asset management.

NYDIG is provider of investment and technology solutions for bitcoin and other digital assets. The funding comes on the back of the company quadrupling the number of clients on its book in the last year.

“As bitcoin transitions to a predominantly institutionally-owned asset, NYDIG is better positioned than ever to be the leading provider of bitcoin solutions to corporations, institutions, and banks,” said Robert Gutmann, co-founder and CEO of NYDIG.

“NYDIG grew out of the core capabilities we developed in 2017 to manage Stone Ridge Holdings Group’s investment and treasury holdings in bitcoin, and today we serve our clients with the same platform.

“We are proud to have facilitated one of the largest commitments of treasury assets to Bitcoin announced to date, and see demand for our full suite of corporate treasury and investment solutions accelerating.”

Ross Stevens, founder of NYDIG’s parent company Stone Ridge Holdings Group and founder and executive Chairman of NYDIG, added, “We started NYDIG in 2017 because bitcoin is an accelerant to the Stone Ridge mission of financial security for All. I view bitcoin as a border-agnostic, uniting force for good.

“Bitcoin can propel global citizens that opt in towards a brighter, and fairer, financial future. From an investment perspective, we’ve long viewed bitcoin as superior to cash. And now with unchecked – and unbacked – global paper money printing and real yields increasingly negative, SRHG’s more than 10,000 bitcoin are the principal component of our treasury reserve strategy.

“NYDIG’s corporate treasury solutions will be invaluable to other companies as they follow suit adopting the Bitcoin Standard for part or most of their treasury strategy. As the Fed’s balance sheet has increased $3trn since the beginning of 2019, the US dollar has depreciated 70% against bitcoin.”

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