The funds will be used to develop the bitcoin platform.
Bitcoin broker New York Digital Investment Group (NYDIG) announced the close of a $1 billion funding round, bringing the crypto firm’s valuation to $7 billion.
Investment firm WestCap is a major investor. The round was attended by Bessemer Venture Partners, the FinTech Collective, as well as partners Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life.
The funds raised will be used to further develop the bitcoin platform, taking into account the updated cryptocurrency protocol. Specifically, NYDIG will support bitcoin and bitcoin flash payments, asset tokenization, and smart contracts.
“NYDIG is playing a unique role in this industry by giving companies the ability to use bitcoin safely and affordably. We are proud to partner with the amazing NYDIG team as they pave new avenues to accessibility and further accelerate bitcoin adoption,” said WestCap Partner Scott Ganeles.
Excluding the new chapter, the crypto firm has raised $405 million since its founding in 2016, according to Crunchbase. The new round is the third in 2021.
Recall that in June NYDIG became a partner in a project to connect American commercial banks to crypto trading systems. Through the infrastructure of crypto companies, 650 local banks will be able to offer operations to customers with cryptocurrencies.
In November, the crypto company acquired Bitcoin micropayment platform Bottlepay. This acquisition will allow NYDIG to integrate Bottlepay’s Lightning network infrastructure into the company’s existing bitcoin platform.
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