Bitcoin firm NYDIG raises $1B as dogecoin jumps on Tesla CEO’s tweet
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
NYDIG RAISES $1B FROM INVESTORS: NYDIG announced Tuesday a growth equity funding round of $1B that will value the company at more than $7B. The round was led by WestCap, with participation from prior leads Bessemer Venture Partners and FinTech Collective, as well as strategic partners and existing investors Affirm (AFRM), FIS, Fiserv (FISV), MassMutual, Morgan Stanley (MS), and New York Life. The capital will be used to further develop NYDIG’s institutional-grade Bitcoin platform using recent upgrades to the Bitcoin protocol with capabilities such as Bitcoin and Lightning payments, asset tokenization, and smart contracts. NYDIG will also use the capital to further expand its team across the globe
DOGECOIN JUMPS AFTER TESLA CEO TWEET: Tesla (TSLA) CEO Elon Musk tweeted on Tuesday that the automaker will accept some payments in cryptocurrency dogecoin. “Tesla will make some merch buyable with Doge & see how it goes,” Musk said. Following the tweet, dogecoin’s price rose as much as 40% compared with Monday’s level at 5 p.m. ET, according to CoinDesk data.
COINBASE DEBUTS DEFI ACCESSIBILITY FEATURES: Sid Coelho-Prabhu, Group Product Manager at Coinbase (COIN) said, in a Tuesday blog posting: “More and more people are discovering the benefits of crypto, web3, and blockchain-enabled experiences. To meet the needs of these new users, we are investing in accessible and user-friendly experiences that make it easier to participate in decentralized finance or DeFi, and collect non-fungible tokens, NFTs. We believe this is especially important for self-custody wallets given the added responsibility placed on the user in managing their own crypto. With Coinbase Wallet, we are building the most user-friendly self-custody experience in crypto, including making it easier to manage your crypto across a range of supported networks. We are also adding some of our users’ most requested features to Wallet extension, including the ability to natively trade on decentralized exchanges and bringing NFT collections directly into the browser…
To see the rest of the story Click Here.