BitGo Raises $100 Million Series C Funding At $1.75 Billion Valuation

BitGo, a leading Bitcoin and cryptocurrency custody firm, announced on Wednesday that it has successfully raised $100 million in its Series C financing round, bolstering its valuation to $1.75 billion. The funds will be allocated to amplify BitGo’s secure and regulated custody, wallet, and infrastructure solutions on a global scale and to facilitate strategic acquisitions.

“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale,” said BitGo CEO Mike Belshe. “We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.”

Amid a dynamic market environment, BitGo has registered growth across the board since the beginning of the year. With a 60% surge in new client onboarding, a 20% increase in Asset Under Custody (AUC), a 200% upswing in fiat custody, and a 40-fold growth in staked assets. Notably, BitGo has distinguished itself as the entrusted custodian for the FTX creditors’ funds under the leadership of John Ray III. Previously, the company was also selected as the distributor for the Mt. Gox creditors.

BitGo’s recent funding success comes on the heels of the launch of its Go Network, empowering institutions to trade and settle both digital assets and fiat currencies round the clock from secure custody. With a robust presence as a premier regulated custodian in more than 50 countries, BitGo consistently handles an 20% of all on-chain Bitcoin transactions by value, according to the announcement.

Big name clients, such as Nike, have also chosen BitGo’s secure and scalable wallet-as-a-service solution to navigate the intricate regulatory landscape.

16 August 2023 17:34