In a Tuesday press release, NYDIG said it has raised a whopping $1 billion in growth capital which has led to a company valuation of over $7 billion.

The funding round was led by WestCap and joined by Bessemer Venture Partners, FinTech Collective and existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life.

Co-founder and CEO of NYDIG, Robert Gutmann, said:

 “Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all.”

NYDIG, that offers bitcoin trading and custody services to institutional clients already raised $200 million in March of this year and $100 million a month later.

NYDIG plans to use the new funds to “further develop NYDIG’s institutional-grade Bitcoin platform using recent upgrades to the Bitcoin protocol with capabilities such as Bitcoin and Lightning payments, asset tokenization, and smart contracts.”

The $1 billion funding is a record-breaking event in the crypto space. Until today, the $900 million raised by US based cryptocurrency exchange FTX was considered the largest amount. Nevertheless, it is rumored that FTX is about to raise another $1.5 billion in the coming weeks.

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