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Friday, July 1, 2022

NYDIG Has Raised Its Funding By $1B

Last Tuesday saw NYDIG, a financial institution that specializes in providing financial services for Bitcoin secure an equity investment of $1 billion. The funding would then place the valuation at around $7 billion. The firm has gone on to prove itself to be quite popular amongst most institutional investors.

Just the previous year, Stone Ridge, an asset manager with a net worth of $10 billion went on to purchase 10,000 BTC via the services of this financial institution. The New York Digital Investment Group has also decided to bring the adoption of BTC to over 650 US banks and credit unions- whilst launching BTC trading for close to 18 million US Banking customers.

NYDIG Has Been A Real Trailblazer 

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In addition, NYDIG has also been constantly increasing new funding rounds throughout the last couple of years, with April raising $100 million, and $200 million being raised in March respectively. Now, along with a vested institutional interest, the company has also been broadening its outreach in a partnership with the Houston Rockets of the National Basketball Association which was announced the previous month. The institution would be paying the team in BTC under the terms that they have settled on.

Again in November, NYDIG went on to announce that Bottlepay had been purchased for $300 million, whose technology would enable one to transfer small payments or microtransactions of BTC and fiat currencies. 

According to Scott Ganeles, NYDIG plays a massive role in the crypto industry, as it empowers companies of all forms to start bringing in Bitcoin in a compliant and secure way. Being the partner at WestCap, he feels quite proud to partner with the team as they help in the adoption of Bitcoin throughout the major industries across the country.

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