20.06.2024

Institutional platform NYDIG raised $ 200 million to invest in BTC

New York Digital Investment Group (NYDIG), a platform focused on large players, announced it has raised capital to invest in bitcoin and closed a $ 200 million funding round.

Among the strategic investors of NYDIG were Morgan Stanley, MassMutual, Soros Fund Management, New York Life and FS Investments, Bessemer Venture Partners, FinTech Collective.

“NYDIG will work with these companies on strategic Bitcoin-related initiatives including investment management, insurance, banking, clean energy and philanthropy,” it said.

NYDIG is a subsidiary of asset manager Stone Ridge with a capitalization of $ 10 billion. Last year, Stone Ridge bought 10,000 bitcoins for $ 100 million, now these assets are worth $ 500 million.

NYDIG itself manages $ 3 billion in assets and a platform dedicated to institutional governance and bitcoin trading. The firm also offers cryptocurrency storage, consulting services and advice on AML / KYC topics.

NYDIG Offers Cryptocurrency Custody, Consulting Services And Advice On AML / KYC Topics

Marathon Patent Services recently announced that it had used NYDIG’s services to buy $ 115 million worth of bitcoins, following the lead of companies such as MicroStrategy and Tesla.

The investment round was led by Stone Ridge, Morgan Stanl ey, New York Life, MassMutual, Soros Fund Management and FS Investments. According to CEO Robert Gutman, they are all long-term partners of NYDIG.

«These partnerships leave no doubt that institutional adoption of bitcoin is already underway.»

Of course, institutional investment has grown significantly lately. The value of assets under management increased 900% in January, according to Grayscale. This year, investment giant BNY Mellon, with a turnover of $ 1 trillion, turned to Bitcoin, and this indicates a new era of mass adoption of cryptocurrency.

PayPal gains a foothold in the crypto market by buying Curv cryptocurrency storage service

Last week, the media reported on the intention of PayPal to acquire the developer of the service for storing the Curv cryptocurrency. The journalists found out that negotiations between the giant and the Israeli crypto startup are in full swing.

However, the top management of PayPal remained silent until the beginning of this week and refrained from any comments.

Last Monday, the financial company issued a statement in which it confirmed preparations for a deal to buy the team that developed the custodian service.

PayPal Vice President Hoe Fernandez da Ponte emphasized:

“The purchase of Curv was part of our strategy to invest in technology and talent as we modernize our financial system. During our conversations with the Curv team, we were impressed by the talent as well as the entrepreneurial spirit and mindset behind the technology. We are delighted to welcome the Curv team to PayPal. «

As a reminder, back in October last year, the company announced the launch of a service for operations with digital currencies.

PayPal top managers plan to complete the deal to buy the startup by the middle of this year.

However, the press service of the company still refuses to disclose the amount of this transaction, but emphasizes that with such an acquisition it wants to gain a foothold in the digital asset market.

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