The investment has been made during the Series B fundraising cycle, where BitGo raised around $58.5 million in total, as the startup announced today.
BitGo offers Security-as-a-Service (SaaS) to institutional investors. The company is active in multiple fields, including custody services for institutional investors with multi-signature wallets as well as customized private blockchains for the financial world.
The platform offers institutional investors the custody solution services they need to assure regulators that their crypto investments are held securely and in line with local legislation.
Speaking about the investment, Mike Belshe, the co-founder of BitGo added that “if you were investing in any other asset class, you’re probably not worried about the asset just disappearing — but this one, people still have that fear”.
Mike Novogratz, the former partner of Goldman Sachs, has already been in the spotlight in the recent days as he predicted the “Bitcoin’s long-awaited institutional investor pile-in will happen by Q2 2019”. His venture, the Galaxy Digital, has become the first alpha crypto custody client of Fidelity Digital Assets.
Not only will this investment help BitGo continue funding their next features, but it is also now even likely to attract other big players as their new customers. According to Bloomberg, the company has already gathered a total of about $70 million in fundraising rounds, while it holds more than $2 billion in assets.