BitGo which provides crypto security and custody services has announced the closures of $100 million Series C funding round at $1.75 billion valuation. The California based company will use the funds to expand its global presence and acquire strategic partners, media reports said.
A Bloomberg report said that the new investors came from the US and Asia, and some of them are from outside the cryptocurrency industry.
BitGo provides secure and regulated wallet, custody, and infrastructure solutions to more than 400 coins and tokens. These include BTC, ETH, and LTC.
In 2021, Michael Novogratz’s Galaxy Digital firmed up its plans to acquire BitGo for $1.2 billion. But the deal was eventually called off by Galaxy, citing BitGo’s alleged failure to provide certain financial statements.
BitGo sued Galaxy, charging it with intentional breach of the agreement and improper repudiation. It claimed a compensation of $100 million. However, the US court dismissed the claims in June 2023.
In June, BitGo made a non-binding letter of intent to acquire Prime Trust but backed out from the proposed deal two weeks later.
BitGo CEO Mike Belshe said, “Not only are we seeing growing demand for regulated custody solutions in the United States, but we’re also seeing the demand on a global scale.”
