US-based Bitcoin service provider NYDIG has raised $1 billion in a new funding round led by growth equity firm WestCap, at a valuation of $7 billion, the company announced on Tuesday.
Bessemer Venture Partners and FinTech Collective also participated in the round. Existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life also joined.
Robert Gutmann, co-founder and CEO of NYDIG, commented:
“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.”
NYDIG plans to leverage the raised capital to further develop its Bitcoin platform, adding upgrades to the Bitcoin protocol and support for Lightning payments. The company is also planning to expand its team.
Scott Ganeles, partner at WestCap, commented:
“NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.”
NYDIG provides institutions with tailored bitcoin solutions through its full-stack Bitcoin platform. This year, the company has enabled the Houston Rockets to integrate Bitcoin services and the first U.S. public pension fund to invest in BTC. Other recent partnerships include digital banking platform Q2, which has already borne fruit, and bitcoin mining pool MaraPool.
