Institutional Bitcoin Broker NYDIG Valued at $7B in Whopping $1B Funding Round

NYDIG said in a press release Tuesday it raised a stunning $1 billion in a round of funding that will value the bitcoin investment firm at over$7 billion.

The round was led by WestCap and joined by Bessemer Venture Partners, FinTech Collective and existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life, the press release said.

Said Robert Gutmann, co-founder and CEO of NYDIG: “Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all.”

NYDIG, which offers bitcoin trading and custody, raised $200 million back in March of this year, led by Morgan Stanley, New York Life and MassMutual. A month later it raised another$100 million.

Listed in the Tuesday press release are plans to “further develop NYDIG’s institutional-grade Bitcoin platform using recent upgrades to the Bitcoin protocol with capabilities such as Bitcoin and Lightning payments, asset tokenization and smart contracts.”

A NYDIG representative confirmed the funding, which tops crypto exchange FTX’s $900 million funding round announced in July.

Reflecting the currently heady state of crypto VC, FTX is currently said to be raising a $1.5 billion funding round at a$32 billion valuation.

Bitcoin, the flagship cryptocurrency, is currently trading at $47,211, down nearly 30% over the past month.

This is a developing story and will be updated.