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Goldman Wades Deeper in Crypto, Betting on BitGo With Billionaire Mike Novogratz

  • Startup guards digital currencies for institutional investors
  • Bank calls custody a ‘logical precursor’ to market making
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BitGo CEO Says There's 'No Doubt' the Crypto Market Will Turn Around
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Goldman Sachs Group Inc. and a venture founded by one of its former partners, billionaire Mike Novogratz, are investing in cryptocurrency custodian BitGo Holdings Inc., as the bank’s deep-pocketed clients keep asking about secure ways to hold those assets.

Combined, Goldman Sachs and Novogratz’s Galaxy Digital Ventures contributed about $15 million to BitGo’s Series B fundraising, which brought in a total of $57.5 million, the startup said Thursday. The endorsement from two firms with strong Wall Street roots may help BitGo attract more institutions and wealthy investors as customers.