BitGo, a platform that offers regulated custody, financial services, and core infrastructure to investors and developers, has raised $100 million in a Series C fundraising round, boosting the company’s market value to $1.75 billion.
BitGo Eyes Expansion of Services
According to reports, the investment round included new as well as and outside strategic financiers. Moreover, the recently incorporated capital will be used to pursue advantageous acquisitions along with the expansion of its global regulated custody, wallet, and infrastructure solutions.
Need for Authorized Security Alternatives in the US
In his statement, BitGo CEO Mike Belshe emphasized the expanding need for authorized security alternatives in the United States and around the world.
Belshe noted: “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.”
BitGo Reveals a 60% Surge in Fresh Clients
In addition to the financing round, the company highlighted their data, revealing that BitGo has seen a 60% increase in freshly joined clients from the start of the year, as well as a 20% increase in the area under the curve and a 200% increase in fiat custody, and a 40x increase in staked assets.
Lawsuit Against Galaxy Digital
BitGo successfully executed its intentions to sue Galaxy Digital for the cancellation of its acquisition and merger agreement last year. Notably, Galaxy Digital suspended its plans in August of last year, following BitGo’s months-long search for an appropriate buyer.
The initial idea was to buy BitGo for $1.2 billion, which would be paid for using both shares as well as stocks. Galaxy Digital stated the firm’s failure to submit audited financial accounts from the previous year, which had been included in the deal’s conditions, as the reason for its backing to buy BitGo.