Cryptocurrency Exchange

Goldman Sachs and Galaxy Digital Ventures Invest in BitGo

BitGo offers a multi-signature bitcoin wallet service, also provides security, compliance, and custodial solutions for blockchain-based currencies. Recently, the firm has secured new investments from Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures.

Reportedly, it has raised a total of $57.5m in the Series B funding round. BitGo claims that the funding will help in the development of its $1tn crypto wallet.

BitGo, which is based in Palo Alto declares to be the largest processor of on-chain bitcoin transactions, as it covers 15% of all bitcoin transactions worldwide. Per month it is worth of $15bn across all cryptocurrencies.

The company states that it has more than $2bn in assets in the wallet, and its technology platform supports over 95 coins and tokens.

With that, BitGo CEO Mike Belshe states, “This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position. Further adding, “No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet, but our job is to be ready first.”

On that note, Rana Yared, Goldman Sachs’ Principal Strategic Investments group managing director said, “Greater institutional participation in the digital asset markets requires secure and regulated custody solutions.”

Yared added, “We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.”

Reportedly, Goldman Sachs and Galaxy Digital Ventures have joined Valor Equity Partners, DRW, and Redpoint Ventures, Craft Ventures, Through their investments.

Further elaborating about BitGo, it has a customer base across more than 50 countries, with offices in Sioux Falls, London, Singapore, and Tokyo.

BitGo Custody is a recently launched business by the company. It aims to deliver custody purpose-built for digital assets apart from introducing BitGo Trust. As they proclaim, it is the first qualified custodian purpose-built for digital assets.

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