Bitcoin company New York Digital Investment Group (Nydig) announced a growth equity funding round of $1 billion led by venture capital firm WestCap Management.
Nydig said the round values its company at about $7 billion.
The funding round also included participation from prior leads Bessemer Venture Partners and FinTech Collective, as well as strategic partners and existing investors Affirm, FIS, Fiserv , MassMutual, Morgan Stanley , and New York Life, Nydig stated in a release on Tuesday.
Nydig, which describes itself as a bitcoin company “powering a more inclusive economic system,” said the funding will be used to expand its institutional-grade bitcoin platform.
“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 co-founder and CEO Robert Gutmann said in the release.
Nydig, a subsidiary of holding company Stone Ridge Asset Management, was also founded by Ross Stevens. Both Gutmann and Stevens are also founders of Stone Ridge.
