BitGo Raises $100M

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Crypto custodian BitGo has recently announced the closure of a $100 million funding round, which valued the company at $1.75 billion.

CEO Mike Belshe shared that the money was raised from both US and Asian investors, some of which are outside of the crypto industry. He revealed that the funds will be used for two strategic deals in progress.

Additionally, Belshe admitted that there are some current difficulties in the regulation of digital assets, but affirmed that BitGo is working to stay licensed and regulated within the space.

Indeed, the custodian has been successful in doing so; it has been employed by creditors of the FTX exchange, Swan Bitcoin, Mysten Labs, and Nike.

Interestingly, in August, BitGo refused to purchase Prime Trust, after initially entering into a tentative agreement to buy 100% of Prime Core Technologies, and then breaking off the deal due to a failed partnership with Galaxy Digital and Mike Novogratz.