$100 million investment in crypto custody company BitGo

$100 million investment in crypto custody company BitGo

BitGo, one of the oldest companies in the industry, founded in 2013 by Mike Belshe and Ben Davenport, secured $100 million in Series C funding round. The details of which companies made the investment are not yet clear.

According to information provided by The Block from US media, the California-based company will spend this investment on global growth and strategic company acquisitions.

This news comes at a time of positive development for BitGo. According to the company’s latest data, the number of new clients has increased by 60 percent, its assets under management have increased by 20 percent, and its fiat holdings have increased in value by 200 percent. On the other hand, it is said that the shareholding property has increased significantly.

BitGo wanted to buy Prime Trust, following a process that was followed last year by Galaxy Digital Company, but later when the parties disagreed or even got sued. However, the plight of Prime Trust prevented this purchase. Prime Trust later went bankrupt.

BitGo last received investment in 2017. The company raised $42.5 million that year.

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