BitGo Secures $100M Series C Funding At $1.75B Valuation
Funding to be used to pursue strategic acquisitions and further consolidate global position as the most trusted wallet and security infrastructure provider in the industry.
PALO ALTO, Calif., Aug. 16, 2023 /PRNewswire-PRWeb/ --
BitGo is the leading regulated custodian in over 50 countries and processes 20% of all on-chain Bitcoin transactions by value.
This year, BitGo saw a 60% increase of new clients, 20% growth in AUC, and 40x growth in assets staked, showing tremendous confidence in BitGo's products and services.
Fortune 100 clients like Nike, have turned to BitGo's secure and scalable wallet-as-a-service solution to navigate the regulatory landscape.
Leading Bitcoin businesses like Swan, and new Web3 projects including Mysten, have chosen BitGo as their Qualified Custodian to safeguard their customer assets.
BitGo announced today $100M Series C financing from new, outside strategic investors with a valuation of $1.75B. The funds will be deployed to make strategic acquisitions and expand its secure and regulated custody, wallet, and infrastructure solutions globally.
Since January 2023, BitGo has seen a 60% increase in newly onboarded clients, 20% increase in AUC, 200% increase in fiat custody, and 40x growth in staked assets. BitGo is also the custody provider for the FTX creditors funds under John Ray III's leadership and had been previously chosen as the distributor for Mt. Gox creditors.
CEO Mike Belshe shared, "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."
The announcement of this funding round follows BitGo's launch of Go Network, which enables institutions to trade and settle both digital assets and fiat 24/7 from secure custody.
About BitGo BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade staking, DeFi, NFT and Web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world's top cryptocurrency exchanges and platforms.
BitGo is backed by Goldman Sachs, Craft Ventures, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit http://www.bitgo.com
Disclaimer The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances. BitGo Trust Company, BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.
No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless.