The New York incubator of blockchain technology, NYDIG, has raised $1 billion in funding. The company’s valuation now stands at $7 billion. This is the first crypto-backed startup to ever raise a total of over a Billion dollars and their CEO says that the future for the new era of startups is bright.
NYDIG, a blockchain-based decentralized digital advertising platform has raised $1B in funding. The company is now valued at $7B. Read more in detail here: nydig valuation.
NYDIG, a financial institution specialized in Bitcoin financial services such as savings accounts, trading brokerage, 401(k)s, and so on, revealed on Tuesday that it has acquired a $1 billion equity investment lead by WestCap. The financing puts the company’s value at roughly $7 billion.
Institutional investors have shown interest in the company. Stone Ridge, a $10 billion asset manager, used NYDIG’s services to buy 10,000 Bitcoin (BTC) last year. NYDIG also plans to expand BTC adoption to over 650 U.S. banks and credit unions, as well as introduce BTC trading for 18 million banking users in the United States. In addition, during the last two years, NYDIG has constantly launched fresh investment rounds, raising $100 million in April and $200 million in March, respectively.
Aside from institutional interest, the firm is expanding its reach via a relationship with the Houston Rockets of the National Basketball Association, which was revealed last month. Under the provisions of the agreement, NYDIG will pay the team in BTC. In November, the company announced the $300 million purchase of Bottlepay, a company whose technology facilitates the transmission of tiny payments or microtransactions of Bitcoin and conventional fiat currencies throughout the United Kingdom and the European Union.
NYDIG has funded $1 billion to expand its institutional-grade Bitcoin platform and include features like Lightning payments, asset tokenization, and smart contracts. #Bitcoin for All is the purpose of @NYDIG BTC. https://t.co/S5iHOOsNKa
December 14, 2021 — Michael Saylor (@saylor)
WestCap Partner Scott Ganeles released the following comment in response to the news:
NYDIG fills a unique niche in the market, enabling businesses of all sizes to use Bitcoin in a safe and legal manner. We’re excited to work with Robby and the rest of the NYDIG team as they chart new avenues to enhance accessibility and accelerate Bitcoin adoption.
The “nydig ipo” is a new cryptocurrency that has raised $1 billion in funding and now has a valuation of $7 billion.
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