Crypto custody supplier BitGo has raised $100 million in a Collection C funding spherical to succeed in a valuation of $1.75 billion, the agency introduced on Wednesday.
Taking part within the funding spherical had been a number of “new, outdoors strategic buyers,” BitGo stated within the announcement.
The agency didn’t identify any of the buyers.
In accordance with the announcement, the newly raised funds will likely be used to make new strategic acquisitions, in addition to to scale up the agency’s worldwide enlargement.
The agency added in a publish on social media platform X that it’ll additionally use the funds to “drive the approaching wave of [crypto] adoption.”
“This vote of confidence grants us optimism about international perception on this new asset class,” the agency added.
Prioritizing international enlargement
In a remark, BitGo CEO EO Mike Belshe stated his agency sees rising demand for crypto custody companies each within the US and internationally.
“We’re very happy to announce our $100M Collection C for the aim of assembly this rising want and to offer establishments, manufacturers, coin foundations, and others with safe and seamless participation within the digital asset ecosystem,” Belshe stated.
The announcement comes after BitGo’s launch of Go Community, a platform that allows establishments to commerce and settle digital belongings and fiat inside a custodied atmosphere.
BitGo operates in over 50 nations and claims to be accountable for round 20% of all on-chain Bitcoin transactions when measured by US greenback worth.
Again in June, BitGo’s Belshe stated that his agency has a number of acquisitions within the pipeline, regardless of abandoning a deal to take over Prime Belief.
On the time, Belshe claimed that BitGo is “speaking to just about each large deal that is on the market,” noting that even BlackRock CEO Larry Fink has his cellphone quantity.