First Foundation Inc, a listed financial services provider, has invested strategically in the New York Digital Investment Group as part of a broader effort to provide customers with secure access to Bitcoin Investment Products (BTC).
“We believe that digital assets are an important part of the future financial services landscape, and we are excited to be a part of this development as we seek to meet the growing needs of our customers,” said Scott Kavanaugh, CEO of First Foundation.
Regarding the company’s investment in NYDIG, Kavanaugh explained:
“NYDIG is at the forefront of the industry from a regulatory and security perspective, making it the ideal partner when seeking to contribute to Bitcoin solutions in general.”
The terms of the agreement were not disclosed.
The Bitcoin-focused partnership will allow First Foundation to offer customers secure ways to invest in digital assets. First Foundation is also working with the treatment provider Fiserv to integrate BTC into its existing banking schemes.
Institutional demand for Bitcoin has grown significantly in the last 12 months. The emergence of major players such as MicroStrategy, Tesla and MassMutual has made BTC investments more acceptable to informal investors who have been critical of the digital asset class.
NYDIG has had a strong presence in the cryptocurrency market, and has recently raised $ 100 million in exchange for its BTC Insurance Initiative. The insurance companies Starr Insurance and Liberty Mutual Insurance contributed to the increase. NYDIG has raised $ 450 million over the past six months for BTC-related initiatives related to insurance, banking and clean energy.
NYDIG CEO Robert Gottman said that state-owned mutual funds may be next in the Bitcoin investment line. This revelation was apparently confirmed by Raul Pal of Real Vision Finance, who said that the Singaporean state money has already invested in BTC.