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NYDIG crypto firm gets USD 1 bln in funding

Wednesday 15 December 2021 13:17 CET | News

US-based Bitcoin firm NYDIG (formerly known as New York Digital Investment Group) has raised USD 1 billion at a valuation of more than USD 7 billion.

The firm runs a Bitcoin trading, brokerage, custody and asset-management business that caters to institutional investors. Participants in the investment round included Morgan Stanley, Massachusetts Mutual Life Insurance, and New York Life Insurance, NYDIG said in a news release. All three firms were existing investors in NYDIG.

The round was led by WestCap Group, a growth-equity firm. WestCap became a new investor in NYDIG with the round, as did point-of-sale lender Affirm Holdings and financial-technology group Fiserv. NYDIG, founded in 2017, hasn’t previously released its valuation.

In December 2020, NYDIG facilitated MassMutual’s purchase of USD 100 million in Bitcoin. MassMutual took a minority stake in NYDIG as part of that transaction.

More recently, NYDIG has focused on selling technology to allow banks, credit unions and merchants to embed Bitcoin services in their websites or smartphone apps. In November 2021, the firm struck a deal with restaurant and hotel conglomerate Landry’s to allow customers to earn Bitcoin-based loyalty points for dining at its restaurants.


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Keywords: Bitcoin, cryptocurrency, trading platform, crypto
Categories: DeFi & Crypto & Web3
Companies:
Countries: United States
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DeFi & Crypto & Web3






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