It is being reported by CoinGape that cryptocurrency security leader Bitgo recently announced funding from new investors Goldman Sachs and Galaxy Digital Ventures LLC. The funds being raised are being put towards Bitgo's vision of having a $1 trillion crypto wallet.
This marked the second close of the company's series B funding. Bitgo already has many investors such as Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures. It is reported that the total amount raised was $58.5 million.
BitGo is one of the leading firms offering security and custodial crypto services, so it is perhaps no surprise that they are striving to achieve a total crypto value of $1 trillion. This amount may seem extravagant, but CEO of Bitgo Mike Belshe is committed to the cause:
“No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first.”
When Belshe says the market isn't there yet, he isn't kidding. The current market cap of the whole of crypto is currently just over $200 billion. Still, the day will undoubtedly come when such massive stores of crypto are possible, and BitGo wants to be among the first.
Will they make it? Stick with Chepicap for any updates!