{"id":138191,"date":"2023-09-02T04:15:39","date_gmt":"2023-09-01T22:45:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138191"},"modified":"2023-09-02T04:15:39","modified_gmt":"2023-09-01T22:45:39","slug":"crypto-custodian-bitgo-raises-100-million-at-1-75-billion-valuation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-custodian-bitgo-raises-100-million-at-1-75-billion-valuation-crypto-news\/","title":{"rendered":"Crypto Custodian BitGo Raises $100 Million at $1.75 Billion Valuation &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>BitGo, a\u00a0company that provides regulated custody and financial services for digital assets, has revealed that it recently raised\u00a0$100 million at a valuation of $1.75 billion. The funding round follows BitGo\u2019s decision over two months ago to abandon its intention to acquire troubled competitor Prime Trust. The company intends to use the\u00a0funds\u00a0for global\u00a0expansion and strategic acquisitions.<\/p>\n<h2 class=\"wp-block-heading\">BitGo\u2019s journey of fortune, fate and dodged bullets<\/h2>\n<p>BitGo provides\u00a0safeguards for storing\u00a0crypto assets by protecting\u00a0private keys. In addition, the company\u00a0is acting as a trustee for the creditors of the defunct FTX digital asset exchange while its bankruptcy procedures are ongoing. The company last successfully raised capital in 2017, when it closed a $42.5 million Series B transaction sponsored by Valour Equity Partners.<\/p>\n<p>In June, BitGo announced that it intended to buy Prime Core Technologies\u2019 shares, which would have enabled it to acquire\u00a0Prime Trust. Both companies offer a range of financial services, including custody for enterprises dealing with digital assets. However, the deal fell apart and Prime Trust has since signed for bankruptcy.<\/p>\n<div class=\"inves-content_2 inves-target\" id=\"inves-1632239745\" data-inves-trackid=\"174819\" data-inves-trackbid=\"1\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.btcc.com\/en-US\/register?inviteCode=850OZU&amp;utm_source=kol\" class=\"adv-link\"><\/a><\/div>\n<p>BitGo dodged another bullet, when Galaxy Digital walked out on a proposed deal to acquire the company for $1.2 billion over alleged failure by the former to provide records of audited financial accounts. In response to Galaxy Digital\u2019s \u201cimproper repudiation\u201d and \u201cintentional breach\u201d of the merger deal, BitGo filed a $100 million lawsuit against the company. However, the court ruled in favour of Galaxy Digital.<\/p>\n<p>In a twist of fate, Galaxy Digital fell into a financial crisis, ending in bankruptcy. Meanwhile, BitGo\u2019s success curve has been on the rise\u00a0since then. The company\u00a0has seen a significant rise in staked assets,\u00a0as well as a\u00a0surge of 60% in new customers and a\u00a020% rise\u00a0in total assets under custody.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BitGo, a\u00a0company that provides regulated custody and financial services for digital assets, has revealed that it recently raised\u00a0$100 million at a valuation of $1.75 billion. The funding round follows BitGo\u2019s decision over two months ago to abandon its intention to acquire troubled competitor Prime Trust. The company intends to use the\u00a0funds\u00a0for global\u00a0expansion and strategic acquisitions. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":138192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138191"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138191\/revisions"}],"predecessor-version":[{"id":148164,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138191\/revisions\/148164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138192"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}