NYDIG and its strategic partners will work together on Bitcoin-related initiatives following a $200 million funding round.
New York Digital Investment Group announced the completion of a $200-million growth capital funding round for business initiatives relating to Bitcoin (BTC). The funding round was led by NYDIG strategic partners Morgan Stanley, Stone Ridge Holdings Group, Soros Fund Management and MassMutual, among others.
NYDIG, a provider of Bitcoin-related technology and investment services, will work alongside its strategic partners in applying Bitcoin-focused solutions to the insurance, banking and clean energy industries. NYDIG’s co-founder and CEO, Robert Gutmann, said:
“The firms participating in this round are more than investors — they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.”
Following on from a spate of high-profile Bitcoin acquisitions by various institutional entities, Gutmann said the latest partnerships were a sign that institutional adoption of Bitcoin had arrived.
“These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards,” said Gutmann, adding: “In the months and quarters ahead, look out for an explosion of innovation in Bitcoin products and services delivered by NYDIG, in partnership with our new investors.”
NYDIG also announced on Monday that among life, annuity, and property and casualty insurers who utilize its platform, over $1 billion worth of Bitcoin investments are now held in its institutional custody service.
The founder and executive chairman of NYDIG, Ross Stevens, said the latest round of funding from institutional investors was good for the company and BTC. “I am thrilled by what this group of incredible investors will mean for NYDIG, but especially for Bitcoin,” said Stevens.