The decade old crypto custody provider, BitGo raised a $100 million funding in its Series C round. It has reached a valuation of $1.75 billion with this latest funding round.
The new funding comes amid BitGo seeing substantial growth in new clients and its assets under management (AUM). It has also seen remarkable increment in staked assets while recording 200% increase in fiat custody.
The CEO of BitGo Mike Belshe, “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.”
The official announcement also read, “Since January 2023, BitGo has seen a 60% increase in newly onboarded clients, 20% increase in AUC, 200% increase in fiat custody, and 40x growth in staked assets.”
BitGo plans to use funds for strategic acquisitions and to move further with its plans on global expansion. The company is currently among oldest native crypto businesses with a track record of over a decade.
Recently, BitGo’s move to acquire Prime Trust was called off due to undisclosed reasons. Later on August 14, Prime Trust filed for Chapter 11 Bankruptcy.
In August 2022, Galaxy Digital proceeded to acquire BitGo. However, the Galaxy later terminated the acquisition citing that BitGo has not delivered audited financial statements for the year 2021.
Also read: Dinari Raises $7.5M seed funding for Stock Trading Platform
