On Tuesday, New York Digital Investment Group, or NYDIG, a financial establishment specializing in Bitcoin financial services such every bit savings accounts, trading brokerages, 401(k)southward, etc., appear it had secured a $ane billion equity investment led by WestCap. The funding places its valuation at nearly $vii billion.

The firm has proved to exist popular amongst institutional investors. Final twelvemonth, Rock Ridge, a $10 billion asset managing director, purchased 10,000 Bitcoin (BTC) via NYDIG'southward services. NYDIG is also set to bring BTC adoption to over 650 U.S. banks and credit unions, also equally launching BTC trading for xviii meg U.S. banking customers. In addition, NYDIG has been consistently launching new funding rounds throughout the past two years, with $100 million raised in April and $200 million in March, respectively.

Aside from institutional interest, the visitor is also broadening its outreach in a partnership with the National Basketball Association'south Houston Rockets appear terminal month. NYDIG will be paying the team in BTC under the terms. Again in November, the firm announced the $300 one thousand thousand acquisition of Bottlepay, whose technology enables the transfer of small payments or microtransactions of BTC and traditional fiat currencies across the Great britain and European Union.

Scott Ganeles, partner at WestCap, issued the following statement regarding the development:

NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG squad as they forge new paths to accessibility and further accelerate Bitcoin adoption.