BitGo recently revealed that it has raised additional funding at a $1.75 billion valuation.
The crypto firm has acquired $100 million from new investors, while remaining focused on adhering to applicable guidelines and regulations.
In a tumultuous year for US-based crypto firms, a select few startups continue to secure large amounts of growth capital.
On Wednesday, digital asset custody company BitGo Inc. confirmed its plans to reveal that it acquired $100 million in new funding.
BitGo focuses on securing digital assets by protecting its clients’ private keys, which can sometimes be in physical vaults. The firm is presently the custodian for the creditors of the bankrupt crypto exchange FTX. This is as its legal proceedings continue to play out.
As reported by Bloomberg, BitGo’s other clients include financial services company Swan Bitcoin, blockchain/DLT dev Mysten Labs Inc. and apparel business Nike Inc.
As covered in June 2023, Bitgo has decided to terminate its preliminary agreement to acquire Prime Trust.
Earlier in June, rumors circulated about troubles at Prime Trust, with Bitgo emerging as a white knight to acquire the firm. BitGo had signed a term sheet to acquire the equity of Prime Core Technologies, the parent company of Prime Trust. Both companies provide certain financial services, such as custody for digital asset firms. Prime Trust was one of the biggest names in Fintech for providing back-end services. Prime Trust recently filed for Chapter 11 bankruptcy.
As reported in March 2023, GGC International Limited (Genesis), a digital asset trading firm, is proud to announce its collaboration with BitGo Trust, a key player focused on digital asset custody, to provide a tri-party solution for its institutional clients.
This joint effort will “allow Genesis to continue delivering superior liquidity and execution services while reducing counterparty risk for its institutional clients.”
