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 investors—they 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.
Alex DovbnyaAccelerating 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov