Copy link
Increase text size
Decrease text size
Link copied

NYDIG holds more than $1B in cryptocurrency for its investors

New York-based crypto-focused NYDIG now holds more than a billion dollars in cryptocurrency as AUM.

Image by MichaelWuensch from Pixabay

Wed, 14 Oct 2020, 08:54 am UTC

Stone Ridge subsidiary New York Digital Investment Group (NYDIG) made an announcement this week that it is the custodian of the cryptocurrency holdings of its parent firm valued at over a hundred million dollars. In addition, the crypto-focused subsidiary also confirmed that it holds more than a billion dollars worth of crypto assets for its other investors.

“Stone Ridge Holdings Group (SRHG), the parent company of NYDIG and also of a $10B+ AUM asset manager to leading financial advisors, institutions, and insurance companies, announced today that it has purchased more than 10,000 BTC, over $100M currently, as part of its treasury reserve strategy. The purchase was executed by and is custodied at NYDIG,” the company said in a press release.

Stone Ridge started NYDIG, its first non-wholly owned subsidiary, in 2017 after quietly raising $50 million, according to Forbes. The goal of the crypto-focused spinoff is to serve institutional investors that were then starting to show interest in the cryptocurrency market.

“We started NYDIG in 2017 because Bitcoin is an accelerant to the Stone Ridge mission of Financial Security for All,” NYDIG Executive Chairman and Stone Ridge founder Ross Stevens said. “I view Bitcoin as a border-agnostic, uniting force for good. Bitcoin can propel global citizens that opt-in towards a brighter, and fairer, financial future.”

The niche proved to be a lucrative one as NYDIC’s clientele grew to include high net worth individuals, investment advisors, and corporate entities. The crypto-assets managed by the firm also ballooned to more than a billion dollars. “NYDIG's current custody, asset management, and financing balances exceed $1 billion in aggregate,” the firm announced.

Interest in the market has increased during the coronavirus pandemic as investors fear the potential negative effects of various governments’ efforts to propping up their economies by stimulus programs. “We've seen a pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year,” NYDIG CEO and co-founder Robert Gutmann said. “The macro backdrop against the public health backdrop has caused a lot of people to rethink their portfolio composition.”

Last Friday, NYDIG raised $50 million in additional equity funding. The fundraising event was led by Fintech Collective with the participation of Ribbit Capital and Bessemer Ventures.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.10.23 03:19:36
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $19,004.80 (+0.19%)
  • Ethereum (ETH) $587.20 (-0.67%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Litecoin (LTC) $82.33 (-3.26%)
  • Bitcoin Cash (BCH) $283.80 (-1.69%)
  • Bitcoin (BTC) $19,004.80 (+0.19%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft