Bitgo Raised $15 Million From Goldman Sachs And Galaxy Digital Ventures

The provider of solutions for the storage of crypto assets BitGo Holdings reported that the investment Bank Goldman Sachs and owned by billionaire Mike Novogratz, Galaxy Digital Ventures invested $15 million in it, taking into account these funds as a result of the round of financing of the B series, the company attracted $58.5 million investment.

In total, the project received financial support for $70 million, which allowed it to expand the provision of storage services for more than 75 crypto assets – for more than $2 billion.

Founded in 2013, BitGo currently owns approximately $2 billion worth of customer assets, which are denominated in 95 different cryptocurrencies.

Recently, BitGo has received permission from the South Dakota banking Department to offer quality cryptocurrency storage.

However, it’s one thing to get the green light from regulators, but it’s quite another for BitGo to convince cautious institutions to trust them with their assets.

Meanwhile, BitGo should also prevent competition from legacy financial players who are starting to create blockchain products for their crypto-curious customers.

Moreover, Goldman Sachs itself is said to be working on a product to store cryptocurrency assets, although it is unclear when this product will be launched. Goldman previously announced that it was launching Bitcoin trading desk, although he later postponed these plans to focus on cryptocurrency storage.