Bitcoin servicer NYDIG raised $1 billion in its latest funding round, highlighting Wall Street’s increasing interest in the crypto space.
The firm, which counts some of the biggest Wall Street banks as its partners, was valued at more than $7 billion in the round joined by existing investors including Morgan Stanley.
The funding is tied for the second largest crypto- or blockchain-related venture capital deal of the year with FTX Trading Ltd.’s $1 billion round in July, after Robinhood Markets Inc.’s $3.4 billion raise in January, according to PitchBook data.
The New York City-based firm offers private wealth clients of Wells Fargo & Co, JPMorgan Chase & Co. and Morgan Stanley access to Bitcoin funds it both manages and safekeeps.
Growth equity firm WestCap led the round, with participation from Bessemer Venture Partners, MassMutual, FIS and others.
A subsidiary of asset manager Stone Ridge Holdings Group, NYDIG plans to use the funding to develop its Bitcoin platform and accelerate onboarding clients. In October, it facilitated a Bitcoin investment for Houston Firefighters’ Relief and Retirement Fund, a public pension.
NYDIG expects about 1,000 banks, credit unions, fintech companies and retailers to offer crypto-related products through the company in 2022, according to Patrick Sells, chief innovation officer.
“Everyone’s exploring additional use cases actively,” Sells said in an interview.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
