{"id":49585,"date":"2023-08-17T09:43:29","date_gmt":"2023-08-17T13:43:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitgo-crypto-custodian-secures-100-million-in-funding-valuation-reaches-1-75-billion\/"},"modified":"2023-08-17T09:43:32","modified_gmt":"2023-08-17T13:43:32","slug":"bitgo-crypto-custodian-secures-100-million-in-funding-valuation-reaches-1-75-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49585","title":{"rendered":"BitGo Crypto Custodian Secures $100 Million in Funding, Valuation Reaches $1.75 Billion"},"content":{"rendered":"
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Crypto custody provider BitGo has raised $100 million in a Series C funding round to reach a valuation of $1.75 billion, the firm announced on Wednesday.<\/p>\n

Participating in the funding round were several \u201cnew, outside strategic investors,\u201d BitGo said in the announcement.<\/p>\n

The firm did not name any of the investors.<\/p>\n

According to the announcement, the newly raised funds will be used to make new strategic acquisitions, as well as to scale up the firm\u2019s international expansion.<\/p>\n

The firm added in a post on social media platform X that it will also use the funds to \u201cdrive the coming wave of [crypto] adoption.\u201d<\/p>\n

\u201cThis vote of confidence grants us optimism about global belief in this new asset class,\u201d the firm added.<\/p>\n

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Prioritizing global expansion<\/h2>\n

In a comment, BitGo CEO EO Mike Belshe said his firm sees rising demand for crypto custody services both in the US and internationally.<\/p>\n

\u201cWe 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,\u201d Belshe said.<\/p>\n

The announcement comes after BitGo’s launch of Go Network, a platform that enables institutions to trade and settle digital assets and fiat within a custodied environment.<\/p>\n

BitGo operates in over 50 countries and claims to be responsible for around 20% of all on-chain Bitcoin transactions when measured by US dollar value.<\/p>\n

Back in June, BitGo\u2019s Belshe said that his firm has several acquisitions in the pipeline, despite abandoning a deal to take over Prime Trust.<\/p>\n

At the time, Belshe claimed that BitGo is “talking to pretty much every big deal that’s out there,” noting that even BlackRock CEO Larry Fink has his phone number.\u00a0\u00a0\u00a0\u00a0<\/p>\n<\/p><\/div>\n