BitGo was financially backed by Brink on 24 January 2024
In the latest report released on Wednesday, BitGo, a cryptocurrency custody specialist, has raised sound funds from the 164-year-old cash-handling firm Brink. Now, this move is said to be taken strategically. However, how much is raised has still not been disclosed. “We are excited to not only partner with but invest in BitGo as we become their globally secure logistics and vaulting provider,” said Zac McKenna, Brink’s Manager of Digital Assets.
In the previous year, Brinks also invested in an NTF company, a startup that allowed physical collectables that could be further traded as NTFs for massive liquidity. This will be stored in the vaults later.
At the same time, BitGo previously [August 2023] raised a whopping amount of $100 million for its Series C funding round, which has taken its valuation to $1.75 billion. However, the investors of this round were unknown. Also, in the last year, Galaxy agreed to acquire BitGO for $1.2 billion. However, this decision was later terminated due to various reasons.
“As much of our industry, and the financial services industry, prepares for the digital tokenisation of potentially a lot of assets, it was very strategic on their behalf to reach out to us,” said BitGo VP Baylor Myers in an interview. “I think Brink’s will continue to allocate resources to its office of digital assets.”