New York Digital Investment Group reportedly disclosed details of the finalization of a $200-million growth capital funding round, dedicated to business projects associated with Bitcoin (BTC).
Specifically, NYDIG strategic partners Morgan Stanley, Stone Ridge Holdings Group, Soros Fund Management and MassMutual, together with numerous other players, were reportedly in charge of leading the funding round.
NYDIG – an entity specialised in Bitcoin-associated tech and investment services – will reportedly work together with its strategic partners to implement Bitcoin-focused tools to the insurance, banking and clean energy sectors.
“The firms participating in this round are more than investors — they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.” Robert Gutmann – co-founder and current Head of NYDIG – reportedly stated.
Following on from numerous top-tier Bitcoin acquisitions by a wide array of establishments, Gutmann reportedly claimed that the most recently formed alliances were signals that institutional adoption of Bitcoin had come.
“These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards. In the months and quarters ahead, look out for an explosion of innovation in Bitcoin products and services delivered by NYDIG, in partnership with our new investors.” Gutmann reportedly remarked.
NYDIG further disclosed that the accumulated equivalent of more than $1 billion in Bitcoin investments are reportedly now stored in its institutional custody service.