BitGo Secures $100 Million in Series C Funding
California-based crypto custodian BitGo has announced that it has raised $100 million in a Series C funding round, bringing its valuation to $1.75 billion. The funds will be used for strategic acquisitions and to expand its regulated custody, wallet, and infrastructure solutions globally.
Key Points:
- New and outside strategic investors have participated in the funding round.
- BitGo CEO Mike Belshe highlights the growing demand for regulated custody solutions worldwide.
- BitGo has seen significant growth, including a 60% increase in newly onboarded clients, a 20% jump in AUC, a 200% surge in fiat custody, and 40x growth in staked assets.
- Galaxy Digital’s planned acquisition of BitGo for $1.2 billion was canceled due to BitGo’s failure to provide audited financial statements for 2021.
- BitGo has filed a lawsuit against Galaxy seeking damages in excess of $100 million.
Hot Take:
BitGo’s successful funding round highlights the increasing demand for regulated custody solutions in the crypto space. The company’s impressive growth and valuation demonstrate its commitment to providing secure and seamless participation in the digital asset ecosystem. However, the cancellation of the acquisition deal with Galaxy Digital and the resulting lawsuit raise questions about the importance of financial transparency in the industry.
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