BitGo completed its IPO on the NYSE this week, roping-in over $200 million by selling 11.8 million shares. In a fresh development, YZi Labs has disclosed itself as a major institutional investor into BitGo’s IPO. In a statement released on Friday, YZi Labs said BitGo’s hack-free security projected as a trust-worthy entity to associate with.
Web3 startup incubator YZi Labs, backed by Binance founder Changpeng Zhao, says it presently manages $10 billion in assets. For now, it has not revealed the exact investment it has poured into BitGo and the number of shares it has acquired.
“BitGo has maintained a hack-free security record for over a decade. With $82 billion AOP (assets on platform), BitGo is a corner-stone asset. We are committed to providing the strategic resources necessary to fuel its next phase of global growth as a public company,” an official statement Ella Zhang, Head of YZi Labs said on Friday.
While BitGo claims to be serving over 5,100 institutional clients over 100 nations, YZi Labs claims have incubated over 300 Web3 projects from 25 nations including TrustWallet, Polygon, CoinMarketCap, and xAI among others.
With its IPO, BitGo’s valuation has climbed to $2.08 billion, Reuters reported. The company has also secured a listing on the New York Stock Exchange (NYSE) under the ticker BTGO.