21 August, 2023 | 09:54 AM
BitGo valued at $1.75b after $100m funding round
The Palo Alto-based security infrastructure and custodian firm, BitGo, secured a $100 million Series C funding round. This put the company at a $1.75 billion valuation.
According to the press release, despite the regulatory differences, BitGo is already regulated in 50 countries. The US-based firm, founded in 2013, witnessed its clients rise by 60% in 2023 while its assets under custody (AUC) grew by 20%.
Moreover, BitGo’s staked assets also rose 40 times. The digital asset custodian stated utilizing recent funding for developing and expanding its services globally.
“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale. We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.”
On June 12, BitGo lost a lawsuit to Galaxy Digital, one of the company’s early investors, for terminating an acquisition deal in August 2022. The U.S. court dismissed the legal case, claiming Galaxy Digital had a “clean termination right.”
On June 22, BitGo halted its plan to acquire Prime Trust, a crypto custody platform, two weeks after an initial acquisition announcement.