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NYDIG raises $1 billion, valuing the company at $7 billion

nydig-raises-$1-billion,-valuing-the-company-at-$7-billion

Crypto financial services company NYDIG announced that it has raised $1 billion in a funding round, valuing the company at $7 billion.

NYDIG wants to expand its institutional Bitcoin platform

The funding round was led by private equity firm WestCap. Other investors included Bessemer Venture Partners, FinTech Collective, Affirm, Fiserv, MassMutual, New York Life, Morgan Stanley, and FIS. NYDIG said it would use the fresh capital to expand its institutional Bitcoin platform, including integrating Lightning Network payments, smart contracts, and asset tokenization.

“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,” said Scott Ganeles, partner at WestCap.

What is NYDIG?

NYDIG is a technology and financial services firm specializing in Bitcoin for institutions, retail clients, and banks. The company provides asset management, derivatives, financing, custody, and execution services. The funding announcement comes amid significant growth for NYDIG, particularly enabling access to Bitcoin for U.S. banking clients.

In October, NYDIG acquired U.K. Bitcoin company Bottlepay in a $300 million stock purchase. In addition to these partnerships, NYDIG is also looking to expand its workforce. The company is advertising open positions, including in KYC and compliance. Last December, NYDIG announced that it had sold a minority stake in its company to insurance giant Mass Mutual, while helping the company invest $100 million in Bitcoin.

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