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First Foundation will provide clients with secure access to Bitcoin-related investment products by investing in NYDIG. The two companies also announced a strategic partnership.
Publicly traded financial services provider, First Foundation Inc, has made a strategic investment into New York Digital Investment Group. The investment is made as part of an extensive effort to allocate clients with secured access to Bitcoin (BTC) investment products.
Future Landscape Through Digital Assets
First Foundation CEO Scott Kavanaugh stated, “We believe digital assets are an important part of the future landscape of financial services and we are pleased to be a part of its evolution as we seek to serve the growing needs of our clients.”
Regarding his firm’s investment in NYDIG, Kavanaugh explained:
“NYDIG is at the forefront of the industry from a regulatory and security perspective which makes them the perfect partner as we seek to help bring Bitcoin solutions into the mainstream.”
The terms of the deal were not disclosed yet. The Bitcoin-focused partnership will facilitate secure pathways to invest in digital assets for the client. First Foundation is also working with processing provider Fiserv to integrate BTC into its existing banking arrangements.
A significant increase in Institutional demand for Bitcoin has been observed over the year. The stepping of major players like MicroStrategy, Tesla, and MassMutual has made BTC investments more appetizing to mainstream investors.
NYDIG Announces the Launch of a Business Initiative Related to Bitcoin.
Robert Gutmann, NYDIG’s CEO, says
“State-owned investment funds could be next in line to invest in Bitcoin. That revelation was seemingly verified by Raoul Pal of Real Vision Finance, who said Singapore’s sovereign wealth fund has already invested in BTC.”
Carving a strong presence in the digital currency market NYDIG has recently raised $100 million towards its BTC insurance initiative. Insurance providers Starr Insurance and Liberty Mutual Insurance have also contributed to the raise. Over the past six months, the NYDIG has raised $450 million for BTC-related initiatives.