A $100 million Series C investment round has been secured by cryptocurrency custody company BitGo, raising its valuation to $1.75 billion. Several outside strategic investors participated in this most recent investment, while their identities were kept a secret.
The company intends to use these funds to expand globally and make smart acquisitions. Additionally, BitGo indicated that the funds would be utilized to promote the impending boom in cryptocurrency adoption in a post on the X social media site. Their announcement highlighted the rising trust in the new asset class.
The CEO of BitGo, Mike Belshe, emphasized the rising need for cryptocurrency custody solutions both domestically and internationally. “This $100M Series C will help us cater to the rising need and offer brands, institutions, coin foundations, and others a secure and smooth entry into the digital asset domain,” Belshe added.
This information comes in the wake of BitGo’s Go Network’s recent debut, a platform that offers organizations a custodial setting for trading and settling both traditional fiat and digital assets. At the moment, BitGo is present in more than 50 countries and claims to be responsible for over 20% of all on-chain Bitcoin transactions measured in USD.