BitGo has successfully raised $100 million in a transformative Series C financing round. This has elevated the crypto custody company’s valuation to an impressive $1.75 billion.
Furthermore, this significant achievement comes on the heels of BitGo’s legal dispute with Galaxy Digital, which ultimately saw BitGo’s claims dismissed by a U.S. court.
New Capital, New Horizons
The funding round saw the participation of entirely new investors from the United States and Asia. Notably, it marks a turning point for BitGo. CEO Mike Belshe, in a statement, shared his enthusiasm about the company’s future prospects.
This strategic influx of funds will allow BitGo further fortify its secure and regulated custody wallet and infrastructure solutions on a global scale. Additionally, it will also position it as a pivotal player in the dynamic crypto landscape.
Meeting Growing Demand
Belshe emphasized that the newly acquired funds are primed to address the burgeoning demand for regulated custody solutions not only within the United States but across the globe. With the crypto industry experiencing unprecedented growth, institutions and companies are seeking reliable tools to facilitate their participation.
Also, BitGo is well poised to cater to this demand, leveraging its extensive experience and advanced technology. The year 2023 has been marked by remarkable achievements for BitGo. This is with a staggering 60% increase in new clients and an astounding 40-fold growth in staked assets.
Notably, this exponential growth showcases the market’s recognition of BitGo’s unwavering commitment to excellence and its ability to deliver top-notch solutions.
From Legal Dispute to Resilience
BitGo’s journey to this triumphant funding round was not without its challenges. In a notable turn of events, the company faced a legal battle with Galaxy Digital, a significant player in the industry.
However, despite the initial setback, BitGo’s resilience and determination prevailed as the court dismissed its claims against Galaxy. This development further underscores BitGo’s commitment to legal and ethical business practices.
As BitGo sets its sights on the future, it is determined to leave no stone unturned. The acquisition of Prime Trust, a fintech infrastructure provider, was another strategic move in BitGo’s expansion plans. While this particular acquisition was canceled, BitGo’s willingness to explore new opportunities remains unshaken.
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