WestCap Leads a $1 Billion Funding Round for NYDIG, Values the Company at $7B

Cryptocurrency custody agency New York Digital Investment Group (NYDIG) introduced an fairness funding spherical that noticed a large $1 billion in progress capital.

The firm introduced the information of the funding spherical in a press launch on Tuesday (Dec. 14, 2021). Consequently, the brand new capital brings NYDIG’s valuation to $7 billion.
According to the assertion, the spherical was led by progress fairness agency WestCap, with current traders and companions akin to Bessemer Venture Partners, FinTech Collective, Morgan Stanley, New York Life, MassMutual, Affirm, Fiserv, and FIS additionally collaborating within the billion-dollar spherical.
Commenting on the most recent growth was NYDIG’s co-founder and CEO, Robert Gutmann, who mentioned:

“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.”

The crypto custody agency mentioned it would use the raised funds to additional improve its institutional-grade bitcoin platform, allow assist for asset tokenization, bitcoin and Lightning funds, and sensible contracts.
Furthermore, the capital ought to assist the corporate to extend its workforce globally.
Meanwhile, the funding spherical comes shortly after NYDIG partnered with funds large National Cash Register (NCR) to allow 650 American banks to supply bitcoin providers.
Another partnership was not too long ago inked with MassMutual, which sought to permit bitcoin entry to pick out clients.