Morgan Stanley and Soros Investment Fund have joined a $200 million growth capital round for NYDIG, the cryptocurrency technology firm at the centre of Wall Street's recent embrace of bitcoin.
Stone Ridge Holdings Group, New York Life, MassMutual, FS Investments, Bessemer Venture Partners and FinTech Collective joined the round.
NYDIG has positioned itself as a go-to firm for traditional financial institutions looking to move into bitcoin, offering everything from asset management to custody to AML/KYC. Last year it helped MassMutual buy $100 million in the cryptocurrency.
The business is also looking to embed itself as a means for banks to ofer their customers crypto services through integration deals with traditional banking technology vendors, such as Kasasa, Nymbus and Moven.
Robert Gutmann, CEO, NYDIG, says: "The firms participating in this round are more than investors - they are partners, each well known to us for years. NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.
These partnerships leave no doubt that institutional adoption of Bitcoin has arrived and, further, that NYDIG is the partner of choice for serious financial services firms with the highest fiduciary and diligence standards."