NYDIG Raises $ 1 Billion in Funding, Now Valuation $ 7 Billion

Tuesday, New York Digital Investment Group, or NYDIG, a financial institution specializing in Bitcoin financial services such as savings ...



Tuesday, New York Digital Investment Group, or NYDIG, a financial institution specializing in Bitcoin financial services such as savings accounts, brokerage houses, 401 (k) s, etc., announcement he had secured a billion dollar equity investment led by WestCap. The financing places its valuation at nearly $ 7 billion.

The company has proven to be popular among institutional investors. Last year, Stone Ridge, a $ 10 billion asset manager, bought 10,000 Bitcoin (BTC) through the services of NYDIG. NYDIG is also on the cusp of bringing BTC adoption to higher 650 American banks and credit unions, as well as the launch of BTC trading for 18 million US bank customers. In addition, NYDIG has regularly launched new rounds of funding over the past two years, with $ 100 million raised in April and $ 200 million in March, respectively.

Beyond the institutional interest, the company is also broadening its field of action in a partnership with the Houston Rockets of the National Basketball Association announced last month. NYDIG will pay the team in BTC as per the terms. Also in November, the firm announced the $ 300 million acquisition from Bottlepay, whose technology enables the transfer of small payments or microtransactions of BTC and traditional fiat currencies across the UK and EU.

Scott Ganeles, Partner at WestCap, released the following statement regarding the development:

NYDIG plays a unique role in the industry, enabling businesses of all types to integrate Bitcoin in a secure and compliant manner. We are proud to partner with Robby and his exceptional team at NYDIG as they break new ground in accessibility and further accelerate Bitcoin adoption.