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NYDIG raises $200M from strategic companions as complete Bitcoin custody tops $1B

03/08/2021

NYDIG and its strategic companions will work collectively on Bitcoin-related initiatives following a $200 million funding spherical.

New York Digital Funding Group introduced the completion of a $200 million development capital funding spherical for enterprise initiatives referring to Bitcoin (BTC). The funding spherical was led by NYDIG strategic companions Morgan Stanley, Stone Ridge Holdings Group, Soros Fund Administration and MassMutual, amongst others.

NYDIG, a supplier of Bitcoin-related expertise and funding providers, will work alongside its strategic companions in making use of Bitcoin-focused options to the insurance coverage, banking and clear power industries. Co-founder and CEO of NYDIG, Robert Gutmann, mentioned:

“The companies taking part on this spherical are greater than traders – they’re companions, every well-known to us for years. NYDIG shall be working with these companies on Bitcoin-related strategic initiatives spanning funding administration, insurance coverage, banking, clear power, and philanthropy.”

Following on from a spate of high-profile Bitcoin acquisitions by varied institutional entities, Gutmann mentioned the most recent partnerships have been an indication that institutional adoption of Bitcoin had arrived.

“These partnerships depart little doubt that institutional adoption of Bitcoin has arrived and, additional, that NYDIG is the companion of selection for critical monetary providers companies with the best fiduciary and diligence requirements,” mentioned Gutmann, including: “Within the months and quarters forward, look out for an explosion of innovation in Bitcoin services and products delivered by NYDIG, in partnership with our new traders.”

NYDIG additionally introduced on Monday that amongst life, annuity, and property & casualty insurers who make the most of its platform, over $1 billion value of Bitcoin investments at the moment are held in its institutional custody service.

Founder and Government Chairman of NYDIG, Ross Stevens, mentioned the most recent spherical of funding from institutional traders was good for the corporate, and BTC. “I’m thrilled by what this group of unimaginable traders will imply for NYDIG, however particularly for Bitcoin,” mentioned Stevens.