Cryptocurrency News

NYDIG Reveals $200 Mln Funding For Its New Operations.

New York Digital Investment Group ‘NYDIG’ revealed the completion of a $200-Mln growth capital funding round for business initiatives concerning Bitcoin [BTC]. The funding round was led by NYDIG strategic partners Morgan Stanley, Stone Ridge Holdings Group, Soros Fund Management as well as MassMutual, among others.

NYDIG, a renowned provider of Bitcoin-related technology and investment services, will operate alongside its strategic partners in applying Bitcoin-focused solutions to the insurance, banking, and clean energy industries. NYDIG’s co-founder and CEO, Robert Gutmann, explained:

“The firms participating within this round are more than investors – they’re partners, each documented to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.”

Following on from a spate of high-profile Bitcoin acquisitions by various institutional entities, Gutmann said the newest partnerships were a symbol that institutional adoption of Bitcoin had arrived.

“These partnerships leave a little question that institutional adoption of Bitcoin has arrived and, additionally, that NYDIG is the partner of choice for serious financial services firms with the very best fiduciary and diligence standards,” added Gutmann, explaining: “In the months and quarters ahead, look out for an explosion of innovation in Bitcoin products and services delivered by NYDIG, in collaboration with our new investors.”

NYDIG also outlined on Monday that among life, annuity, and property and casualty insurers who utilize its platform, over $1 Bln worth of Bitcoin investments are now held in its institutional custody service.

The founder and executive chairman of NYDIG, Ross Stevens, added that the newest round of funding from institutional investors was good for the corporate and BTC. “I am thrilled by what this group of incredible investors will mean for NYDIG, but especially for Bitcoin,” added Stevens.

Leave a Comment

Your email address will not be published. Required fields are marked *