7 months ago

Goldman Sachs investment bank and Galaxy Digital Ventures company, founded by one of its previous partners, Mike Novogratz, have collaboratively invested $15 mln in a secure crypto storage service BitGo Holdings Inc.

During Series B funding round, finished on Thursday, a pioneer in the field of crypto multisig wallets, BitGo has attracted $58,5 mln investments. Among them are Valor Equity Partners, Craft Ventures, Redpoint Ventures, DRW, as well as Galaxy Digital Ventures LLC of Mike Novogratz and Goldman Sachs strategic investments group.

Total investment of Galaxy Digital Ventures and Goldman Sachs in BitGo has reached $15 mln.

BitGo hopes that attention from respected Wall Street companies will help to attract more financial institutions and institutional investors as clients.

“If you have invested in any other asset class, you, probably, don’t worry about the security of your savings”,

commented the news Mike Belsh, co-founder and CEO of BitGo.

“For cryptocurrencies to fully reach their potential, we should rid the community from such concerns.”

BitGo, founded in 2013 in Palo-Alto, offers its services of multisig cryptocurrency wallet, as well as a service of custodial bitcoin and altcoin storage. In January BitGo planned to acquire a custodial company Kingdom Trust, however, after the deal failed, BitGo announced its own custodial service — BitGo Trust Co. In September a subsidiary of BitGo Trust has received regulator’s approval to become a qualified custodian for offering institutional investors services for safe crypto asset storage.

Previously, Coinbase has also announced its own custodial service – Coinbas Custody, which momentarily attracted attention from big investors. At least 10 hedge funds and family offices have shown interest in its secure storage services.