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NYDIG a Bitcoin fintech company has raised $1 billion in one of the largest cryptocurrency fundraises ever.

Bitcoin investment firm NYDIG's mammoth funding round catapults it to a whopping valuation of over $7 billion, per a Tuesday press release. 

According to the company, WestCap growth equity firm led the funding round, along with high-profile investors and financial institutions such as Morgan Stanley and MassMutual

"The prospects for both NYDIG and Bitcoin have never been more exciting," said co-founder and CEO of NYDIG, Robert Gutmann in a statement. 

The new capital will be directed to its "institutional-grade bitcoin platform" and integrate features such as Bitcoin Lightning payments, asset tokenization, and smart contracts. 

NYDIG has seen growth at an exponential rate this year. The company promotes itself as a leader in "expanding access to bitcoin for millions of people."

Before NYDIG raised $1 billion, there was another record by SamBankman-Fried’s FTX in July, valued at $900 million. Bankman-Fried's crypto exchange was valued at about $25 billion. 

"Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all," Gutmann said.