While BitGo has chosen not to reveal the identities of the investors involved, it has shared that the newly acquired funds will be utilised to execute strategic acquisitions and to expand the reach of its regulated custody, wallet, and infrastructure solutions globally. Specific details about the acquisitions are expected to be disclosed in the future.
BitGo officials cited by decrypt.co emphasised the rising demand for regulated custody solutions both within the United States and on a worldwide scale. BitGo was established in 2013, and one of its most notable products is a multi-signature Bitcoin wallet that was introduced during the early stages of the industry's development.
Presently, the company offers a range of services including security, custody, and liquidity solutions. According to decrypt.co, BitGo has a customer base of more than 1,500 institutional clients spanning over 50 countries, and it is responsible for processing approximately 20% of all on-chain Bitcoin transactions by value.
With the recent infusion of funds from the Series C funding round, BitGo's total raised capital amounts to USD 169 million. In its previous funding round, Series B in October 2018, the company secured USD 57.5 million in investments led by Goldman Sachs and Galaxy Digital.
Over the years, BitGo has expanded its offerings. In 2018, it launched BitGo Trust Company, designed to serve as a qualified custodian designed specifically for digital asset storage. This was followed by the introduction of the BitGo Prime brokerage service in 2020 and BitGo New York Trust in 2021. In the previous year, BitGo extended its capabilities to include institutional-grade staking, DeFi, NFT, and Web3 services.
Notable clients of BitGo include Nike, which employs BitGo's wallet-as-a-service solution. Additionally, financial services firm Swan Bitcoin and Web3 project Mysten utilise BitGo as their qualified custodian to ensure the security of their customer assets.
In March 2023, Coincover partnered with BitGo to allow clients to benefit from wallet access recovery. The two companies have been working together since 2019 to provide secure business continuity features to their institutional clients. This partnership aimed to allow BitGo clients to recover their wallets in a secure manner by tapping Coincover in case they lose access to their keys.
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