BitGo, a leading provider of crypto custody services, has recently secured $100 million in a Series C funding round, propelling its valuation to a staggering $1.75 billion. The commitment and investment hail from a number of undisclosed strategic investors, fueling the excitement surrounding the company.
The freshly obtained capital is earmarked for an ambitious batch of new strategic acquisitions and will effectively grease the wheels of BitGo’s international expansion. An additional mention of using these funds to “harness the impending wave of crypto adoption” was made on a social media platform X, sparking a surge of enthusiasm in the cryptosphere.
This encouraging turn of events has been described as a resounding “vote of confidence” by the company, underlining a growing global acceptance of digital assets as a new class of investment. BitGo’s CEO Mike Belshe emphasized the increasing demand for crypto custody services not just domestically within the US, but on a global scale.
He thrilled followers with the announcement of the $100 million Series C funding, explaining its allocation towards answering this escalating requirement and to “provide secure and seamless participation in the digital asset ecosystem for institutions, brands, and coin foundations.”
This news follows on the heels of BitGo’s introduction of the Go Network, a ground-breaking platform that facilitates institutional trading and clearing of digital assets and fiat within a supervised environment. Boasting a presence in more than 50 countries and a responsibility for roughly 20% of all Bitcoin transactions (by US dollar value), BitGo certainly stands on solid ground.
However, while the news of the company’s soaring valuation and exciting spending plans are impressive, it would seem prudent to note that not all ambition translates to swift success. Earlier, BitGo had to call off the acquisition of Prime Trust. Yet, Belshe remained optimistically undeterred, stating that the company continues in discussions concerning “every big deal that’s out there,” enough so that even CEO of BlackRock, Larry Fink, claims possession of his phone number.
However, such global expansion and acquisition ambitions are not without their challenges. Much will depend on the company’s ability to navigate the volatile and highly-regulated landscape of international crypto markets. Despite these concerns, the future does look promising for BitGo, signaled by this huge injection of funds and the resulting buzzing anticipation of its next steps in the wider crypto world.