Bitcoin Broker NYDIG Raises $ 1 Billion To Accelerate Bitcoin Institutional Products
Institutional Bitcoin broker NYDIG, in a Tuesday press release, announced that it raised $1 billion in a growth equity funding round led by WestCap. This now places the value of the company at more than $7 billion.
“The outlook for NYDIG and Bitcoin has never been more exciting,” said Robert Gutmann, co-founder and CEO of NYDIG.
He continues, “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.”
The funding is expected to be used to further develop NYDIG’s institutional-level Bitcoin platform using recent Bitcoin protocol upgrades with capabilities such as Bitcoin and Lightning payments, asset tokenization, and smart contracts.
Bitcoin continues to see institutional buying
Bitcoin has risen significantly in 2021, continuing the growing trend in mainstream interest and curiosity started in December 2020. As U.Today earlier reported, business intelligence firm MicroStrategy bought another 1,434 Bitcoins over the period Nov. 29-Dec. 8 when Bitcoin was roughly $57,477.
Bitcoin is currently trading at $ 47,196 after plunging nearly 9% to a low of $ 45,727 on December 13.
