Yesterday NYDIG, a leading bitcoin company, announced a growth equity funding round of $1 billion that will value the company at more than $7 billion.

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The round was led by growth equity firm WestCap with participation from other backers like Bessemer Venture Partners, FinTech Collective, Affirm, Fiserv, MassMutual, New York Life, Morgan Stanley, and FIS.

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NYDIG will use the fresh capital to expand its institutional-grade bitcoin platform, including support for Lightning Network payments, smart contracts, and asset tokenization, the announcement stated.

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"The prospects for both NYDIG and Bitcoin have never been more exciting," said Robert Gutmann, co-founder, and CEO of NYDIG. "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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