BitGo raises $100M after losing lawsuit against Galaxy
BitGo’s Series C funding featured entirely new investors based in the United States and Asia, CEO Mike Belshe said. Cryptocurrency custody platform BitGo has raised fresh capital after facing a series of terminated deals involving firms such as Michael Novogratz’s Galaxy Digital. BitGo has raised $100 million in a Series C financing round bringing the company’s valuation to $1.75 billion, the firm announced to Cointelegraph on Aug. 16. The newly raised funds will be deployed to make strategic acquisitions and expand BitGo’s secure and regulated custody, wallet and infrastructure solutions globally. BitGo CEO Mike Belshe noted that the new funds will help the firm to meet the growing demand for custody and provide institutions and companies with tools to participate in the crypto industry. So far in 2023, BitGo has seen a 60% increase of new clients and 40x growth in staked assets, the firm said. Belshe added: “Not only are we seeing growing demand for regulated custody solutions in t...