BitGo Secures $100 Million in Series C Funding Now at $1.75 Billion Valuation

BitGo, a Bitcoin and cryptocurrency custody firm, announced that it has secured $100 million in its Series C funding, bringing its total valuation to $1.75 billion. 

These funds will be allocated to increase BitGo's global presence in offering secure, regulated custody, wallet, and infrastructure services, as well as to support strategic acquisitions.

BitGo CEO Mike Belshe stated that "we are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem."

In the midst of a fluctuating market, BitGo has witnessed consistent growth since the start of the year. This includes a 60% rise in new client registrations, a 20% growth in Asset Under Custody (AUC), a 200% boost in fiat custody, and a staggering 40-fold increase in staked assets. 

Noteworthy is BitGo's role as the chosen custodian for FTX creditors' funds, under the stewardship of John Ray III. The company also previously earned the distinction of being the distributor for the Mt. Gox creditors.

Following closely on the unveiling of its Go Network, which offers institutions the capability to trade and settle both digital and fiat currencies 24/7 within a secure custody, BitGo's recent funding achievement is indeed notable. 

As a dominant regulated custodian in over 50 nations, BitGo claims to process about 20% of all Bitcoin transactions on-chain by value, as per the recent announcement.