Bitcoin company NYDIG valued at $ 7 billion after latest fundraiser


The representation of the bitcoin cryptocurrency can be seen in this illustration taken on November 29, 2021. REUTERS / Dado Ruvic / Illustration

Register now for FREE and unlimited access to Reuters.com

Register now

Dec. 14 (Reuters) – NYDIG said on Tuesday it had raised $ 1 billion in a funding round led by venture capital firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin firm at more than of $ 7 billion.

The company, a subsidiary of Stone Ridge, operates a full-stack bitcoin platform that delivers cryptocurrency to all industries, including fintech, insurance, and banking companies.

An increase in the value of digital currencies and increased support from large corporations have helped companies in the sector achieve skyrocketing valuations in recent months, even as regulatory oversight intensifies.

Register now for FREE and unlimited access to Reuters.com

Register now

The company’s existing investors who participated in the last round included Affirm Holdings Inc (AFRM.O), FIS, Fiserv, MassMutual, Morgan Stanley (MS.N) and New York Life.

It also boasts of partnerships with technology companies Alkami, Fiserv Inc (FISV.O), Jack Henry & Associates (JKHY.O) and Q2 Software Inc.

NYDIG intends to use the funds raised during the cycle to further develop its bitcoin platform, expand existing payment capabilities and tokenize assets.

Register now for FREE and unlimited access to Reuters.com

Register now

Reporting by Manya Saini and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila

Our Standards: Thomson Reuters Trust Principles.

Previous FTSE 250 Movers: Trip Names Disliked, Jupiter Fund Management Outperforms By A Mile
Next Burger King India Ltd board approves fundraising proposal of up to Rs. 1500 crore