BitGo, a crypto custodian headquartered in Palo Alto, US, has raised $100 million in a Series C funding round. This has reportedly taken the company's valuation to $1.75 billion.
Though it didn’t disclose investor details, BitGo said it aims to utilise the fresh capital to execute strategic acquisitions and extend the global reach of its regulated custody, wallet, and infrastructure solutions.
In a statement, Mike Belshe, CEO, BitGo, emphasised the demand for regulated custody solutions—both within the United States and on a global scale—was increasing.
He highlighted the $100 million Series C funding is aimed at tapping into this growing demand and providing a secure and seamless means for institutions, coin foundations, brands, and others to participate in the digital asset ecosystem.
History of BitGo:
BitGo, founded in 2013, initially introduced a multi-signature Bitcoin wallet.
In 2018, it established the BitGo Trust Company, a custodian specifically designed for safeguarding digital assets. This was followed by the launch of the BitGo Prime brokerage service in 2020 and the BitGo New York Trust in 2021. The company further extended its portfolio by introducing institutional-grade staking, DeFi, NFT, and Web3 services.
Presently, it offers a wide range of services including security, custody, and liquidity solutions. The company claims to serve over 1,500 institutional clients across over 50 countries and manages approximately 20% of all on-chain Bitcoin transactions by value.
Notably, BitGo serves as the custodian for creditors of the defunct crypto exchange FTX, and was previously chosen as the distributor for Mt. Gox creditors.
With the completion of the new funding round, BitGo's total capital raise stands at $169 million.
Shiba Inu L2 mainnet goes live
Crypto project Shiba Inu has launched its Shibarium mainnet—an Ethereum layer-2 scaling solution. This comes after an extensive network testing phase, reportedly involving millions of users and the creation of 21 million wallets.
Functioning as a layer-2 blockchain solution, Shibarium interfaces with the primary Ethereum layer-1 blockchain, offering a platform that seeks to enable more scalable and cost-efficient transactions.
Proof of Participation:
The distinctive feature of Shibarium is its foundation on a novel consensus mechanism known as proof-of-participation (PoP).
Unlike energy-intensive proof-of-work schemes, PoP selects validators based on the volume of crypto they hold. This approach aims to reduce computational expenses.
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