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Soros Fund Management, Morgan Stanley, and MassMutual Pour Hundreds of Millions Into Bitcoin Custody and Trading Provider

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Mon, 03/08/2021 - 13:40
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Alex Dovbnya
Bitcoin custody and trading provider NYDIG has raised $200 million from MassMutual, Morgan Stanley, and others
Soros Fund Management, Morgan Stanley, and MassMutual Pour Hundreds of Millions Into Bitcoin Custody and Trading Provider
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Bitcoin custodian and trading firm New York Digital Investment Group (NYDIG) has raked in $200 million worth of funding from the likes of George Soros' Soros Fund Management, investment bank Morgan Stanley and Massachusetts-based life insurance company MassMutual, according to a March 8 press release.

NYDIG CEO Robert Gutmann claims that all of these firms are more than investors, explaining that they will be collaborating on "Bitcoin-related" initiatives.

The firms participating in this round are more than investorsthey are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy and philanthropy.

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Accelerating institutional adoption

Back in December, MassMutual purchased $100 million worth of Bitcoin, which was viewed as a major step in the asset's institutional adoption. It had also made a $5 million equity investment into NYDIG prior to the announcement of the most recent funding round.

NYDIG claims that over $1 billion worth of Bitcoin is now held on its custody platform.

It is a Bitcoin subsidiary of the $10 billion asset management firm Stone Ridge.

Stone Ridge
Image by nydig.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.