A new $1 billion bet – Nothing seems to be able to sow doubt, concerning the success of bitcoin (BTC), in the minds of the leaders of the New York Digital Investment Group (NYDIG). The company is closing a funding round to further accelerate bitcoin adoption by big investors.
NYDIG fundraising: $1 billion for bitcoin
On December 14, 2021, the New York Digital Investment Group announced in a press release, raising a billion dollars, in a funding round led by WestCap. NYDIG provides bitcoin-focused investment and technology solutions to insurers, banks, corporations, and institutions.
The newly raised capital will be used to launch new services around bitcoin and dedicated to institutional investors.
More specifically, they will be used to develop products integrating smart contracts, the tokenization of assets, and payments on the Lightning Network, the second layer of Bitcoin which allows for fast and inexpensive transactions. The funds will also allow NYDIG to increase its workforce.
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Can Bitcoin still fail, see its value fall to zero?
NYDIG reaffirms its faith in bitcoin through this new fundraising which brings the company’s valuation at $7 billion. The company is also a significant contributor to the adoption of bitcoin by institutional investors, by businesses.
“We are leading the NYDIG investment round because of our shared belief in the renewing power of the bitcoin industry and WestCap’s belief on the NYDIG team to continue to execute on the incredible opportunity that presents itself. their “
Scott Ganeles, partner at WestCap
This fundraising comes at a time when bitcoin is trading below $50,000, while forecasts for more than a year have it at $100,000 by the end of 2021 – single game postponed for 2022 according to some analysts.
The increasing entry of institutional investors into BTC markets, and the hundreds of millions or billions of dollars of investments being made by companies like NYDIG that are driving bitcoin adoption, however, shows that bitcoin declines are cyclical. The strong support it enjoys, built today the solid foundations for bitcoin’s long-term success.
Bitcoin would therefore no longer be a currency for geeks, used only for shady purposes on the darknet. NYDIG CEO Robert Gutmann believes that the next big investors to dive into bitcoin will be state sovereign wealth funds.
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