California-based crypto custodian BitGo announced securing $100 million in a Series C funding round, bringing its valuation to $1.75 billion. The freshly injected funds will be deployed to make strategic acquisitions and expand its regulated custody, wallet, and infrastructure solutions globally.
Both new and outside strategic investors have participated in the funding round.
- In a statement, BitGo CEO Mike Belshe highlighted the growing demand for regulated custody solutions both in the US as well as across the world.
“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale. We 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.”
- According to the platform’s analysis, BitGo witnessed a 60% increase in newly onboarded clients since the beginning of the year, a 20% jump in AUC, a 200% surge in fiat custody, and 40x growth in staked assets.
- Mike Novogratz’s cryptocurrency investment firm Galaxy Digital previously announced plans to purchase BitGo for $1.2 billion.
- The agreement was, however, canceled, with Galaxy blaming the inability of the crypto custody company to provide audited financial statements for 2021 as stipulated in the agreement.
- This prompted the digital asset custodian to file a lawsuit against Galaxy seeking damages in excess of $100 million, citing “improper repudiation and intentional breach of its merger agreement.”
- Meanwhile, BitGo said it will not be acquiring Prime Trust, which later filed for Chapter 11 bankruptcy protection in Delaware.