The New York Digital Investment Group (NYDIG), has announced the acquisition of Digital Assets Data, as part of larger plans to expand its platform, according to reports on January 11, 2021.
NYDIG Acquires Digital Assets Data
While 2021 was a hugely successful year for the world’s flagship cryptocurrency and the blockchain technology ecosystem, as the price of bitcoin (BTC) blazed past the $20k dollar region for the first time ever, partly due to the renewed confidence of the masses as well as institutional investors in Satoshi Nakamoto’s revolutionary invention.
If the latest prediction by JPMorgan analysts is anything to go by, the bitcoin price could rally to as high as $100k this year. In a bid to better position itself for the greater days ahead, the New York Digital Investment Group (NYDIG), a top-notch financial services firm that’s focused on helping its clients access the unrealized potential of bitcoin, has acquired Digital Assets Data.
Established in January 2018, Digital Assets Data is a financial technology (fintech) company that builds enterprise-grade software and provides data feeds for crypto-focused hedge funds and other cryptocurrency market participants.
As reported, Digital Assets Data raised over $6m from some crypto big whales, including Galaxy Digital and launched a crypto data platform for investment funds in April 2019. In 2020, the Denver-based firm successfully raised over $9 million from venture capitalists including Digital Currency Group, Morgan Creek and others.
A Forward-Thinking Acquisition
Notably, NYDIG, which raised a massive $50 million in October 2020, from firms in various sectors including commercial banking, asset management, insurance and more, during its growth equity funding round, and boasts a massive $4 billion in assets under management, is yet to release the financial details of the acquisition deal.
However, the firm has made it clear that the move is designed to enhance its operations on all fronts and enable it to give its clients a better experience, especially at a time when there is an insatiable demand for digital currencies by investors.
“As our client base and the digital asset market rapidly expand, the addition of new high-quality data sources and analytical capabilities serve to enhance NYDIG’s existing advisory capabilities, research and trading.”
What’s more, as part of the deal, Mike and Ryan Alfred, twin co-founders of Digital Assets Data will join NYDIG as head of M&A and head of product respectively.