Bitcoin financial and technology services firm NYDIG Execution LLC said today it has raised $200 billion in new growth financing to help it fund company initiatives concerning bitcoin.
‘The firms participating in this round are greater than shareholders – they’re partners, every famous to people for years,’ Robert Gutmann,’ co-founder and principal executive officer of NYDIG, stated in a statement. ‘NYDIG will probably be operating together with these firms on bitcoin-related strategic efforts specifies investment management, insurance, banking, clean electricity and philanthropy.
Founded in 2017, NYDIG offers a selection of financial services dedicated to bitcoin including asset derivatives, management, funding, custody and execution services.
Together with the financing, NYDIG also announced that lifestyle, annuity and property and casualty insurers now ownin aggregate, over $1 billion of direct and indirect bitcoin vulnerability eased only by NYDIG.
While perhaps not that well-known from the broader cryptocurrency space, NYDIG started to gain significant media attention in December as it assisted the Massachusetts Mutual Life Insurance Co. purchase $100 million in bitcoin. MassMutual earned a $5 million stake NYDIG at the time, and it has returned with an extra investment from the company using this round.
As mentioned by Investopedia at the moment, MassMutual’s decision to put money into bitcoin is a particular case especially given that the business is considered to be a traditional investor which makes investments just at tried-and-tested financial products or those that are investment-grade. In addition, the fact that MassMutual would put money into bitcoin may encourage other companies to do so as well.
Bitcoin itself proceeds on its own rollercoaster ride and is yet to reach the record high of 58,012 it hit Feb. 21. Having said that, the general market sentiment for your cryptocurrency is favorable, its cost up nearly 6% in the previous 24 hours, for $53,570.