New York Digital Investment Group or NYDIG, which offers Bitcoin investment and infrastructural services to companies and institutional investors, announced on December 4 that it has successfully concluded a 10-figure investment round, taking its company’s valuation to $8 billion.
The investment round was led by private equity firm WestCap with participation from top industrialists including Bessemer Venture Partners, FinTech Collective, strategic partners, and existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life.
As per the press release, the funds raised will be used for developing and upgrading its platform to the latest Bitcoin technologies including the lightning network, asset tokenization, smart contract function, and more.
“Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all,” said Robert Gutmann, co-founder and CEO of NYDIG, in the company’s announcement.
Founded in 2017, NYDIG is a subsidiary of the major hedge fund Stone Ridge Asset Management. The company started its banking solution business last year, and since then has formed several alliances with financial services providers.