WestCap Leads a $1 Billion Funding Round for NYDIG, Values the Company at $7B

Cryptocurrency custody firm New York Digital Investment Group (NYDIG) announced an equity funding round that saw a massive $1 billion in growth capital.

• The company announced the news of the funding round in a press release on Tuesday (Dec. 14, 2021). Consequently, the new capital brings NYDIG’s valuation to $7 billion.
• According to the statement, the round was led by growth equity firm WestCap, with existing investors and partners such as Bessemer Venture Partners, FinTech Collective, Morgan Stanley, New York Life, MassMutual, Affirm, Fiserv, and FIS also participating in the billion-dollar round.
• Commenting on the latest development was NYDIG’s co-founder and CEO, Robert Gutmann, who said:

“Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all.”

• The crypto custody firm said it will use the raised funds to further upgrade its institutional-grade bitcoin platform, enable support for asset tokenization, bitcoin and Lightning payments, and smart contracts.
• Furthermore, the capital should help the company to increase its workforce globally.
• Meanwhile, the funding round comes shortly after NYDIG partnered with payments giant National Cash Register (NCR) to enable 650 American banks to offer bitcoin services.
• Another partnership was recently inked with MassMutual, which sought to allow bitcoin access to select customers.