NYDIG valued at over $7B in financing round led by WestCap

Closely held NYDIG raises $1B in a growth equity funding round that gives the bitcoin platform a valuation of more than $7B. Westcap leads the round, with participation from prior leads Bessemer Venture Partners and FinTech Collective, and strategic partners and existing investors Affirm (NASDAQ:AFRM), FIS (NYSE:FIS), Fiserv (NASDAQ:FISV), MassMutual, Morgan Stanley (NYSE:MS), and New York Life. NYDIG will use the capital to further develop its institutional-grade platform, using recent upgrades to Bitcoin protocol with capabilities such as bitcoin and Lightning payments, asset tokenization, and smart contracts. It also plans on adding to its ranks across the globe, the company said. "NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way," said Scott Ganeles, partner at WestCap. In October, Tilman Fertitta's auto dealership partnered with NYDIG for bitcoin-backed financing