Singapore, SINGAPORE – Goldman Sachs Group Inc and Galaxy Digital Ventures LLC, a venture investment firm founded by Goldman Sach’s former partner Michael Novogratz, have invested about US$15 million to California-based blockchain security firm BitGo.
The move follows growing interest from both firms clientele regarding digital assets and increased calls for protection. With the added US$15 million, BitGo has reported gathered an approximate US$70 million in fundraising and currently holds more than US$2 billion in assets. The funding will support BitGo’s development of its US$1 trillion crypto wallet.
“This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position.”
“No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first.” – Mike Belshe, CEO of BitGo.
Founded in 2013, BitGo provides institutional investors with security, compliance, and custodial solutions for blockchain-based currencies. Earlier this month, BitGo announced the launch of BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. The company has a customer base that includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.
“Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.” – Rana Yared, Managing Director of Goldman Sachs’ Principal Strategic Investments group
While BitGo is definitely a major player in the cryptosphere, it is undeniable that backing from established Wall Street heavyweights and giants of mainstream finance would boost confidence for existing clients as well as being the push needed for potential investors.