BitGo has announced a $100 million Series C round at a valuation of $1.75 billion. This announcement comes after losing a lawsuit from leading crypto hedge fund Galaxy Digital.
The company’s latest fundraising came from a cluster of entirely new investors according to a report by Bloomberg. The Goldman Sachs-backed crypto company plans to use the new funds to expand its crypto custody services covering wallet and infrastructure solutions organically and through strategic acquisitions.
BitGo’s custody services are primarily developed for institutional investors looking to capitalise on opportunities in the crypto market. The company CEO CEO Mike Belshe said the fundraisings will help in scaling the product offering with tools to help meet the growing demand.
BitGo’s latest fundraising continues to signal a sudden return in web3 funding amid the current bear market. Last month, CoinFund raised $158 million, while Polychain Capital secured a $200 million first close of a $400 million fourth fund.
Metaverse startup Futureverse also wrapped up a $54 million fundraising before launching a $50 million accelerator for developers on Root Network.