BitGo Raises $100M in Series C Funding, Valuation Reaches $1.75B

BitGo Raises $100M in Series C Funding to Expand Custody Solutions

Crypto custodian BitGo has announced that it has secured $100 million in a Series C financing round, bringing the company’s valuation to $1.75 billion. The funding will be used to make strategic acquisitions and expand the company’s regulated custody, wallet, and infrastructure solutions globally. BitGo CEO Mike Belshe highlighted the growing demand for regulated custody solutions both in the US and globally. BitGo, which was launched in 2013, pioneered a multi-signature Bitcoin wallet and currently serves over 1500 institutional clients in more than 50 countries. The company also offers services such as liquidity solutions and prime brokerage.

Key Points:

– BitGo has raised $100 million in a Series C financing round, bringing its valuation to $1.75 billion.
– The funding will be used for strategic acquisitions and expanding the company’s regulated custody, wallet, and infrastructure solutions globally.
– BitGo serves over 1500 institutional clients in more than 50 countries and processes approximately 20% of all on-chain Bitcoin transactions by value.
– The company has previously launched services such as prime brokerage and institutional-grade staking, DeFi, NFT, and Web3 services.
– BitGo has raised a total of $169 million in funding to date, with previous rounds led by Goldman Sachs and Galaxy Digital.

Hot Take:

BitGo’s successful Series C funding round highlights the growing demand for regulated custody solutions in the crypto industry. The company’s expansion plans and strategic acquisitions will further solidify its position as a leader in providing secure and seamless participation in the digital asset ecosystem. With its strong track record and wide range of services, BitGo is well-positioned to capitalize on the increasing institutional interest in cryptocurrencies.