BitGo secures substantial funding for its latest business endeavor

BitGo, a specialist in cryptocurrency custody, has recently secured funding from Brink, a cash-handling company with a rich history dating back 164 years. The exact amount of funding has not been disclosed, but this strategic move is expected to have significant implications. Zac McKenna, Brink’s Manager of Digital Assets, expressed excitement about the partnership and investment, emphasizing Brink’s role as a secure logistics and vaulting provider on a global scale.

Brink’s has shown interest in the digital asset space before, having previously invested in a startup that focuses on non-fungible tokens (NTFs). These physical collectibles can be converted into NFTs, providing increased liquidity. Brink’s intends to store these assets in its vaults.

Meanwhile, in August 2023, BitGo successfully raised a staggering $100 million in its Series C funding round, bringing its valuation to $1.75 billion. The investors behind this funding round remain undisclosed. Additionally, Galaxy had previously planned to acquire BitGo for $1.2 billion, but the deal fell through for various reasons.

Baylor Myers, the Vice President of BitGo, highlighted the strategic nature of partnering with Brink’s, as the industry prepares for the digital tokenization of numerous assets. Myers believes that Brink’s will continue to dedicate resources to its digital assets division.

Tags: funding