Crypto custody firm BitGo completes $100 million funding round at $1.75 billion valuation

According to Bloomberg, cryptocurrency custody company BitGo has completed $100 million in financing at a valuation of $1.75 billion. BitGo declined to disclose specific investors, but said that investors are from the United States and Asia, some of whom are from outside the cryptocurrency industry. BitGo's previous investors include Goldman Sachs Group, DRW Holdings and Galaxy Digital Ventures. This round of financing will be used for strategic acquisitions, and at least two transactions are already underway.

BitGo is currently serving as custodian for creditors of bankrupt crypto exchange FTX, and its other clients include financial services company Swan Bitcoin, blockchain developer Mysten Labs Inc. and apparel giant Nike Inc.