Blockchain Tech Company BitGo Raises $42.5M in Latest Round


WOW! I mean REALLY WOW! BitGo, a blockchain technology company, just raised $42.5M……… TWO WEEKS. Incredible. I guess this money raising game is getting way too easy. BUT, since we at FintekNews know BitGo and its super great CEO Mike Belshe (hi Mike) it should come as no surprise.  Mike and the BitGo team are going to be able to use that capital raise to expand in the outside world (outside the US) to continue its stellar growth. Congratulations. Oh Mike, I’ve asked ‘Santa’ for a new Tesla. Just saying.
(Bill Taylor/CEO)

“BitGo, a US-based blockchain technology company, raised $42.5 million in a Series B fundraising round, the company announced Monday.

BitGo, which is headquartered in Palo Alto, California, said it will use the money to expand its business outside the US to help more companies dive into the nascent digital coin market. Hedge funds and other institutional investors leverage BitGo’s technology to overcome some of risk and compliance issues associated with digital currencies.

The fundraise was led by Valor Equity Partners, according to the firm, with DRW, a Chicago-based trading firm, also participating. Already, a number of companies utilize BitGo’s technology to power their own cryptocurrency products, including CME Group and The Royal Mint.

A spokesperson for the firm told Business Insider the fundraise took two weeks. The length of the fundraising round is striking, mirroring the speed at which cryptocurrencies such as bitcoin have appreciated in recent months.

“This has been one of the easiest fundraising processes ever,” CEO Mike Belshe, an engineer who was among the first to work on the Google Chrome team, told Business Insider in an interview…”

Full Story at BusinessInsider