Blockchain software firm BitGo announced on Thursday it has completed its latest Series B funding round, which raised $58.5 million. The company attracted new investors through the round, such as Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures LLC, a venture investment firm founded by Michael Novogratz, join Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures.
As previously reported, BitGo provides digital wallets, offline vaults, single integration APIs and private blockchains to world’s largest cryptocurrency exchanges and financial enterprises conducting over $12 billion in monthly transactions.
“BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo supports more than 75 coins and tokens, has over $2 billion in assets in wallet, and our customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.”
Funds from the round are being used to continue work on BitGo’s $1 trillion crypto wallet. Speaking about the investment, Mike Belshe, CEO of BitGo, stated:
“This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position. No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first.”
Rana Yared, Managing Director of Goldman Sachs’ Principal Strategic Investments Group, also revealed that he and his team are impressed with BitGo’s products, service, and management team. His team believes the investment is an opportunity to contribute to the“evolution” of the crypto wallet infrastructure. Michael Novogratz, Founder of Galaxy Digital Ventures LLC, added:
“We have been impressed with BitGo’s world-class team, their deep technical understanding of digital assets as well as their ability to deliver institutional-quality products to investors. Our team is excited to support BitGo as it enters into this next phase of growth.”