On Tuesday, New York Digital Investment Group, or NYDIG, a financial institution specializing in Bitcoin financial services such as savings accounts, trading brokers, 401 (k), etc., announced that they secured $ 1 billion led by WestCap. . . Funding is estimated at around $ 7 billion.
The company proved popular with institutional investors. Last year, Stone Ridge, a $ 10 billion asset manager, bought 10,000 bitcoins (BTC) through NYDIG services. NYDIG also intends to provide BTC certification to more than 650 US banks and credit unions, as well as launch BTC trading for 18 million US bank customers. In addition, NYDIG has in the last two years launched new financing rounds, and raised $ 100 million in April and $ 200 million in March, respectively.
In addition to institutional interest, the company is also expanding its footprint in partnership with the NBA’s Houston Rockets, which was announced last month. NYDIG will pay the team in bitcoin according to the terms. Back in November, the company announced that it was buying Bottlepay for $ 300 million, whose technology enables the transfer of small payments or microtransactions in bitcoin and fiat currencies in the UK and EU.
Scott Gunnels, partner at WestCap, issued the following statement regarding the development:
NYDIG plays a unique role in the industry by enabling businesses of all types to integrate Bitcoin in a secure and interoperable way. We are proud to partner with Robbie and his outstanding team at NYDIG as they break new ground for affordable prices and accelerate the use of bitcoin.