Bitcoin company NYDIG, which describes itself as a gateway to a new era of financial products, has secured $1bn in funding that will value the company at more than $7bn.
The round was led by WestCap, with participation from prior leads Bessemer Venture Partners and FinTech Collective, as well as strategic partners and existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life.
The capital will be used to further develop NYDIG’s institutional-grade bitcoin platform using recent upgrades to the bitcoin protocol with capabilities such as bitcoin and lightning payments, asset tokenisation, and smart contracts.
Launched in December 2020, NYDIG said it has experienced a year of unprecedented growth. The company said it will also use the funding to further expand its world-class team across the globe.
Scott Ganeles, partner at WestCap, said, “We are leading the investment round in NYDIG because of a shared belief in the industry-reshaping power of bitcoin and WestCap’s conviction in the NYDIG team to continue to execute on the incredible opportunity in front of them.
“NYDIG plays a unique role in the industry, empowering companies of all types to incorporate bitcoin in a secure and compliant way.”
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