The New York City-based firm offers private wealth clients of Wells Fargo & Co, JPMorgan Chase & Co., and Morgan Stanley access to Bitcoin funds it both manages and safekeeps
Highlighting Wall Street’s increasing interest in the crypto space, bitcoin firm NYDIG raised $1 billion in its latest funding round.
Joined by existing investors including Morgan Stanley, the bitcoin firm, which counts some of the biggest Wall Street banks as its partners, was valued at more than $7 billion in the round.
With FTX Trading Ltd.’s $1 billion round in July, after Robinhood Markets Inc.’s $3.4 billion raise in January, the funding is tied for the second largest crypto or block-chain-related venture capital deal, according to PitchBook data.
The New York City-based firm offers private wealth clients of Wells Fargo & Co, JPMorgan Chase & Co., and Morgan Stanley access to Bitcoin funds it both manages and safekeeps.
Growth equity firm WestCap led the round, with participation from Bessemer Venture Partners, MassMutual, FIS, and others.
NYDIG, a subsidiary of asset manager Stone Ridge Holdings Group, plans to use the funding to develop its Bitcoin platform and accelerate on-boarding clients. In October, it facilitated a Bitcoin investment for Houston Firefighters’ Relief and Retirement Fund, a public pension.
NYDIG expects about a 1,000 banks, credit unions, fintech companies and retailers will offer crypto-related products through the company in 2022, according to Patrick Sells, chief innovation officer. “Everyone’s exploring additional use cases actively”, Sells said in an interview.
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