A leading cryptocurrency custodian is going to use fresh funds to fuel further consolidation and new strategic acquisitions, per its statement. Also, it is going to maintain and upgrade the Go Network, a trading product for institutions.
BitGo completes Series C funding with $100 million raised from unknown investors
Crypto custodian and trading ecosystem BitGo has concluded its Series C funding round with a whopping $100 million raised despite apathetic digital assets markets. With new funding, it is valued at $1.75 billion. The BitGo team is keeping its silence about the names of investors so far.
BitGo has secured $100M Series C funding.— BitGo (@BitGo) August 16, 2023
Trust is not given, it is earned. We believe in delivering it to our clients and the industry. Being a custodial and infrastructure leader is an undertaking, one we have consistently provided for over a decade.
This funding will allow… pic.twitter.com/TlPO7722Ha
In a fundraising announcement, BitGo stated that it witnessed a 60% increase in new clients and 40x growth in assets staked in 2023. Funds raised will be deployed for strategic expansion of the acquisitions program as well as for upgrading custody, wallet and infrastructure solutions.
The platform's CEO, Mike Belshe, stresses that Series C funding's success is evidence of growing demand for reliable and scalable infrastructure solutions in the Web3 sphere:
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.
In 2017-2018 Series B funding rounds backed by GS Growth and Valor Equity Partners, BitGo raised over $60 million. Its $14 million Series A round saw the participation of Redpoint in 2014.
Starting from July 2023, BitGo is a partner of Floki, one of the largest meme coins, as covered by U.Today previously.
Support for Ripple and XRP, Prime Trust acquisition ambitions: BitGo in 2023
It also holds the status of custody provider for victims of the Mt. Gox collapse and for funds of the now-defunct FTX exchange managed by its new CEO John Ray III.
In June 2023, BitGo announced that he has dropped plans to acquire troubled Prime Trust, one of its major rivals. Also, it was one of the first exchanges to relist XRP despite regulatory risks.
BitGo CEO Mike Belshe is a vocal supporter of Ripple in its battle with the U.S. SEC. As we reported earlier, the potential Ripple victory could echo across the entire cryptocurrency landscape, creating positive changes in the regulatory environment.