A formidable combination of finance behemoth Goldman Sachs and vocal crypto proponent Mike Novogratz have come forward to make an investment in BitGo Holdings Inc. The platform offers security wallets for users’ crypto holdings and has its eye on capturing the interest of institutional and wealthy investors who require sufficient and secure storage for their crypto holdings.Novogratz’s company Galaxy Digital Ventures and Goldman Sachs have together contributed about $15 million for BitGo in the latter’s Series B Funding.
According to the company’s own statement, it has managed to raise a total fund of $58.5, with contributions from names such as Redpoint Ventures, DRW and Craft Ventures in addition to the two major players already mentioned. The funding is meant for BitGo’s new $1 trillion project to develop a secure crypto wallet. BitGo has claimed that it owns over $2 billion in terms of assets and hosts over 95 crypto coins on its platform. After having received the significant sum of funding from Goldman Sachs and Galaxy Digital Ventures, CEO Mike Belshe of BitGo expressed his confidence in the company’s future. He said:
“No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets… That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet, but our job is to be ready first.”
Despite the massive growth the crypto market has seen since 2017, the security concerns associated with the market have not waned. Therefore, many companies are coming out with security solutions to appeal to large-volume investors like institutional ones. Recently, a traditional security oriented multi-national company G4S announced the launch of a vault security storage of its own. Even giants in the finance sector such as JP Morgan or Norther Trust are considering tapping the extremely potent market of crypto storage. Fidelity Investments has also recently launched a custody solution. All these effective solutions for safeguarding crypto funds are expected to encourage higher levels of adoption and foster better circulation of digital currencies.