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.
The rebate is political theater, but the healthcare cost crisis underneath it is very much an advisor problem.
It’s a ruthless competition for advisors right now, with buyers promising top dollar to advisors willing to sell.
Vanilla, SS&C and FinTurk are rolling out a mix of agentic and AI-assisted features aimed at planning gaps, client insights, and manual account monitoring.
David Haughton, formerly of Carson Group and Commonwealth Financial Network, takes on VP of engagement role at Hargrove MSO, a subsidiary of Hargrove Firm.
Retirement plan clients may not grasp what fiduciary duties they keep when joining a PEP.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
