NYDIG, a leading bitcoin company, announced today a growth equity funding round of $1 billion that will value the company at more than $7 billion. The round was led by WestCap, with 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.
The capital will be used 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.
"The prospects for both NYDIG and Bitcoin have never been more exciting," 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."
The funding comes on the heels of a year of unprecedented growth for NYDIG, as the firm leads the way in expanding access to Bitcoin for millions of people. The launch of NYDIG's bank solutions business, announced in December 2020, generated a string of exciting partnerships with industry leaders Alkami, Allied, CSI, FIS, Fiserv, Jack Henry, and Q2. NYDIG has also forged partnerships to power products from leading fintech companies including Upgrade's Bitcoin Rewards Card, which now accounts for close to 10% of Upgrade's new card issuance.
"We are leading the investment round in NYDIG because of a shared belief in the industry-reshaping power of Bitcoin and WestCap's conviction in the NYDIG team to continue to execute on the incredible opportunity in front of them," said Scott Ganeles, Partner at WestCap. "NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption."
NYDIG will also use the capital to further expand its world-class team across the globe. If you are excited about the team's mission of bringing free and open money to all, and want to join the team, visit nydig.com/careers for more information.