BitGo, a Palo Alto, CA-based institutional-grade cryptocurrency security platform provider, held the approx. $15m (corrected from a $16m previous info) second close of its Series B funding round.
New investors Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures joined Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures.
This second tranche brings the total amount raised in the Series B round by the company to $57.5m (corrected from $58.5m).
The company intends to use the funds to support development of its $1 trillion crypto wallet.
Led by Mike Belshe, CEO, BitGo provides institutional investors with security, compliance, and custodial solutions for blockchain-based currencies. The company is a large processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies. Earlier this month, BitGo announced the launch of BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets.
The company whose customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries, has offices in Sioux Falls, London, Singapore, and Tokyo.