BitGo Secures $100M in a Series C Fundraising


August 17, 2023


Gabriel Negrín

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BitGo, a crypto custody service based in Palo Alto, has raised $100 million in a Series C fundraising round, valuing the company at $1.75 billion. The money will be used for strategic acquisitions and global expansion after the company experienced a 60% increase in new clients, a 200% increase in fiat custody, and a significant rise in staked assets.

These advances come after Galaxy's $1.2 billion takeover transaction fell through due to BitGo's refusal to deliver audited financial data. BitGo is suing Galaxy for more than $100 million in damages due to the unmet agreement.

In another twist, BitGo's proposed acquisition of Prime Trust, a Nevada-based crypto custody business, fell through, prompting Prime Trust to file for Chapter 11 bankruptcy. During the upheaval, the company launched the Go Network, an instant settlement network.