With the goal of making Bitcoin financial services available to everyday individuals, NYDIG has boosted its status with the recent raising of $1 billion in funding, which raises its valuation to $7 billion.
NYDIG is a financial institution that specializes in Bitcoin financial services like savings accounts, 401(k)s, trading brokerages, etc. The company has been a top favorite for many institutional investors. Last year, Stone Ridge, a $10 billion asset manager, bought 10,000 Bitcoin (BTC) through NYDIG’s services. NYDIG is also leading a move to introduce BTC adoption to over 650 banks and credit unions in the United States and launch BTC trading for 18 million banking customers. In addition to all these moves, NYDIG has launched new funding rounds over the last two years, raising $100 million in April and $200 million the following March.
The company has also partnered with the NBA team, Houston Rockets, in which it will pay the team in Bitcoin under the agreed terms. In November, it acquired Bottlepay for $300 million to own a piece of its technology that enables the transfer of small payments or microtransactions of bitcoin and other traditional fiat currencies all over the UK and the European Union.
In a tweet that famous entrepreneur and bitcoin investor Michael Saylor made, he said: “NYDIG has raised $1 billion to accelerate growth & enhance its institutional-grade Bitcoin platform to support Lightning⚡ payments, asset tokenization, and smart contracts. @NYDIG_BTC‘s mission is #Bitcoin for All.”
One of the partners at WestCap, Scott Ganeles, said in a statement following the announcement, “NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.”