BitGo Raises $100 mn After Losing Lawsuit Against Galaxy
After a slew of transactions with businesses including Michael Novogratz’s Galaxy Digital were canceled, cryptocurrency custody platform BitGo obtained new funding.
The company reported on August 16 that BitGo has raised $100 million in a Series C fundraising round, raising its worth to $1.75 billion.
BitGo has raised funds to expand its secure custody, wallet, and infrastructure solutions globally. CEO Mike Belshe believes the new funds will help meet growing demand for custody and provide institutions and companies with tools to participate in the crypto industry. In 2023, BitGo has seen a 60% increase in new clients and 40x growth in staked assets. The Series C funding featured new investors from the US and Asia, with some outside the cryptocurrency industry.
(With inputs from Shikha Singh)
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