The New York Digital Investment Group (NYDIG), an asset manager onboarding institutional and corporate clients to bitcoin, has raised $1 billion.
The round was led by WestCap, a growth equity firm, at a valuation of $7 billion for this barely two years old company that came out of Stone Ridge.
The capital will be used to further develop NYDIG’s institutional-grade bitcoin platform using recent upgrades to the bitcoin protocol with capabilities such as bitcoin and Lightning payments, asset tokenization, and smart contracts, the company said.
“This new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all,” said Robert Gutmann, the co-founder and CEO of NYDIG.
All this being the latest in a blockbuster fundraising year in the crypto space that just in Europe has seen a 7x increase over 2020.
NYDIG itself was not known before last year when it facilitated a $100 million bitcoin purchase for MassMutual.
Since then the company has clearly gone from strength to strength as it lays the infrastructure for institutional clients to invest in bitcoin.
