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Bitcoin financial services firm New York Digital Investment Group (NYDIG) has closed a $1 billion equity investment round led by growth equity firm WestCap, the company said in a press release on 14 December.

According to the announcement, the funding round — which valued the company at $7 billion — was joined by backers such as Bessemer Venture Partners, FinTech Collective, Affirm, Fiserv, MassMutual, New York Life, Morgan Stanley, and FIS. This is NYDIG’s third investment round this year, with the company raising $200 million and $100 million in March and April respectively. The CEO and co-founder of NYDIG, Robert Gutmann, said in a statement:

“The prospects for both NYDIG and Bitcoin have never been more exciting. 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.”

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The newly acquired funds will help NYDIG expand its institutional-grade BTC platform “using recent upgrades to the Bitcoin protocol”, which includes support for Lightning Network payments, asset tokenization, and smart contracts. The company will also use the capital to further expand its “world-class team across the globe”.

Founded in 2017, NYDIG has always had the mission of accelerating the adoption of the largest cryptocurrency by market cap, Bitcoin. Earlier this year, the company partnered with Q2 — a firm providing digital services to financial institutions — to enable more than 18 million U.S. bank customers to buy and sell Bitcoin. Later, NYDIG also partnered with enterprise payment behemoth NCR to allow around 650 banks and credit unions in the U.S. to provide BTC trading services to their clients.

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