Mike Novogratz And Goldman Sachs Invests In Crypto Startup BitGo

A institutional-grade investors with compliance, security, and custodial solutions for cryptocurrencies, BitGo closes its Series B funding round, reportedly bringing in $58.5 million. $15 million of the said amount was contributed by financial giants Goldman Sachs and Novogratz’ Galaxy Digital Ventures LLC.

BitGo disclosed in its official release, that the platform has successfully closed their Series B funding round, which brought in a total amount of $58.8 million USD. The line up apart from Mike Novogratz’ Galaxy Digital Ventures LLC and Goldman Sachs’ Principal Strategic Investments Group, includes companies like Valor Equity Partners, Craft Ventures, Redpoint Ventures, and DRW.

Reportedly that Novogratz and Goldman invested a total of $15 million in this round of funding, designated to support BitGo’s development of a $1 trillion cryptocurrency wallet. Mike Belshe, BitGo CEO, notes:

This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position. 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.

The former Goldman Sachs partner was introduced by CNBC’s “Cryptotrader” Ran Neu-Ner in July, where he outlined that the  next price rally will require a “custody from a trusting source.” The bull quite straightforwardly explained his position on BitGo, at that time, saying:

If I’m at the state of Wisconsin, I’m not going to risk my job on a company called BitGo. We have been impressed with BitGo’s world class team, their deep technical understanding of digital assets as well as their ability to deliver institutional-quality products to investors. Our team is excited to support BitGo as it enters into this next phase of growth.

Despite the positive news surrounding the Bitcoin (BTC), the token hasn’t raised.

Read more: Bitcoin Price Not Correlated To Bitcoin Futures Expiration Dates, Says Cindicator Research