Home News NYDIG raised $1B at a valuation of $7B

NYDIG raised $1B at a valuation of $7B

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The New York Digital Investment Group (NYDIG) platform, focused on large players, has raised $1 billion, closing a record round of financing for the industry. The press release reported this.

WestCap led the round. Bessemer Venture Partners, FinTech Collective, as well as previously supported NYDIG companies, Affirm, Fiserv, MassMutual; FIS, Morgan Stanley and New York Life also participated in the investment.

Investors valued the company at more than $7 billion.

Developing an institutional-grade Bitcoin platform

Thus, representatives of NYDIG said that the firm will continue to develop an institutional-grade Bitcoin (BTC) platform, implement Lightning payments and smart contracts. As well as work on tokenization of assets.

“The prospects for both NYDIG and Bitcoin have never been more exciting. Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry. And this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all”. Said Robert Gutmann, co-founder and Chief Executive Officer of NYDIG.

Furthermore, the announcement of the launch of NYDIG’s bank solutions business in December 2020; resulted in several exciting cooperation with industry leaders FIS, Fiserv, Alkami, Jack Henry, Allied, CSI, and Q2. The company has also formed alliances with leading fintech companies to power products such as Upgrade’s Bitcoin Rewards Card; which now accounts for nearly 10% of Upgrade’s new card issuance.

The prospects for both NYDIG and Bitcoin have never been more exciting

Earlier in March, NYDIG raised $200 million in a round involving Morgan Stanley, MassMutual and other investors. The following month, the firm received additional funds from insurance companies Starr Insurance, Liberty Mutual Insurance and other market participants.

In July, the FTX crypto derivatives exchange attracted a record at that time $900 million with the company’s valuation of $18 billion.

Recall that later in October, FTX closed a Series B-1 funding round worth $420.69 million, after which its valuation reached $25 billion.

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