{"id":56794,"date":"2023-08-16T10:19:21","date_gmt":"2023-08-16T14:19:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56794"},"modified":"2023-08-17T03:06:22","modified_gmt":"2023-08-17T07:06:22","slug":"bitgo-raises-100m-in-series-c-valued-at-1-75b","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitgo-raises-100m-in-series-c-valued-at-1-75b\/","title":{"rendered":"BitGo Raises $100M in Series C, Valued at $1.75B"},"content":{"rendered":"\n

BitGo has secured $100 million in a Series C funding round, reaching a valuation of $1.75 billion. The new capital will be used to expand its global presence and acquire strategic partners.<\/p>\n\n\n\n

\"BitGo<\/figure>\n\n\n\n

BitGo <\/a>announced its Series C financing round on Aug. 16, 2023, in a press release shared with Cointelegraph.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> <\/p>\n\n\n\n

New investors led the round from the United States and Asia, some of whom came from outside the crypto industry, according to a report by Bloomberg.<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

BitGo CEO Mike Belshe said that the new funds will help the company meet the growing demand for custody and provide institutions and companies with tools to participate in the crypto industry. He added:<\/p>\n\n\n\n

\n

Not only are we seeing growing demand for regulated custody solutions in the United States, but we\u2019re also seeing the demand on a global scale.
BitGo claims to have seen a 60% increase in new clients as well as 40x growth in staked assets so far in 2023. <\/p>\n<\/blockquote>\n\n\n\n

The company offers secure and regulated custody, wallet, and infrastructure solutions for over 400 coins<\/strong> and tokens, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).<\/strong><\/p>\n\n\n\n

Overcoming Previous Setbacks<\/h3>\n\n\n\n

The Series C funding round comes after BitGo faced a series of terminated deals involving firms like Michael Novogratz\u2019s Galaxy Digital. <\/p>\n\n\n\n

In 2021, Galaxy <\/a>planned to acquire BitGo for $1.2 billion<\/strong><\/em> but eventually called off the deal a year later, citing a breach of contract related to BitGo\u2019s failure to provide certain financial statements.<\/p>\n\n\n\n

BitGo then sued Galaxy<\/a> over improper repudiation and intentional breach of the acquisition agreement, seeking $100 million<\/strong> in damages. However, <\/p>\n\n\n\n

BitGo\u2019s claims were dismissed by a court in the United States in June 2023.<\/p>\n\n\n\n

In addition, BitGo also canceled its acquisition of the fintech infrastructure provider Prime Trust<\/a> on June 22, 2023, just about two weeks after announcing its non-binding letter of intent to acquire Prime Trust.<\/p>\n\n\n\n

Despite these setbacks, BitGo has continued to grow its business and attract new investors. <\/p>\n\n\n\n

The company has also obtained several regulatory approvals, such as a trust charter<\/use><\/svg><\/span><\/a> from the New York State Department of Financial Services and a custodial license<\/use><\/svg><\/span><\/a> from Germany\u2019s Federal Financial Supervisory Authority.<\/p>\n","protected":false},"excerpt":{"rendered":"

BitGo has secured $100 million in a Series C funding round, reaching a valuation of $1.75 billion. The new capital will be used to expand its global presence and acquire strategic partners. BitGo announced its Series C financing round on Aug. 16, 2023, in a press release shared with Cointelegraph. New investors led the round […]<\/p>\n","protected":false},"author":44,"featured_media":56797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[11104,15200,951,15855,4920],"class_list":["post-56794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitgo","tag-crypto-custody-2","tag-galaxy-digital","tag-michael-novogratz","tag-series-c"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/BitGo-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=56794"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/56797"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=56794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=56794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=56794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}