NYDIG, a bitcoin supplier, just received $1 billion in funding, demonstrating Wall Street’s significant attention towards the cryptocurrency space.
In a round that included current investors such as Morgan Stanley, the company, which partners with several of Wall Street’s major institutions, is priced at further than $7 billion.
The firm plans to use the funds to expand the platform
Well, Fargo & Co., JPMorgan Chase & Co., and Morgan Stanley are among the private clients that have access to the bitcoin money that the company manages and retains.
The funds will be used by NYDIG’s asset management affiliate Stone Ridge Holdings Group to improve their Cryptocurrency platform and increase consumer adoption.
By 2022, NYDIG expects 1,000 banks, credit unions, fintech companies, and merchants to sell cryptocurrency-related things into the organization, following Patrick Sells, CEO of innovation. “Everyone is constantly studying business applications,” Sells said during a conversation.