Enterprise cryptocurrency wallet startup BitGo Inc. said today it has raised $42.5 million in new funding.

The Series B round was led by Valor Equity Partners and included David Sacks, Bill Lee and DRW. As part of the deal, Antonio Gracias of Valor Equity Partners, also a board member at Tesla Inc. and SpaceX Inc., will join BitGo’s board of directors.

Founded in 2013, BitGo offers an enterprise-grade multiuser cryptocurrency wallets as well as application programming interface access to its underlying security platform. Its wallets are “multisig,” an abbreviated form of multisignature, that require a transaction to have two or more signatures before it can be executed, a security layer that reduces the risk of fraud.

Initially starting as a bitcoin wallet provider, BitGo has branched out into other cryptocurrencies and now supports multiple altcoins including Ethereum, Ripple, Litecoin, Bitcoin Cash, Bitcoin Gold and Royal Mint Gold. It plans to expand that offering to more cryptocurrencies in the future.

The company claims to process $8 billion transactions a month across its platform powering a range of cryptocurrency and financial institutions globally. Clients include CME Group Inc. and the Royal Mint along with leading cryptocurrency exchanges Bitstamp, BitBay, Genisis, OKCoin and Unocoin.

“We’ve crossed the tipping point for Bitcoin and other digital currencies, which have transitioned from experiments to front page news,” BitGo Chief Executive Officer Mike Belshe said in a statement. “We have been the go-to service for exchanges, hedgefunds, trusts and businesses for years, now we are expanding our secure and compliant technology to build out an advanced financial ecosystem for investors to work with to make buying, storing, and trading digital assets as easy as possible.”

Including the new funding, BitGo has raised $54.5 million to date. The company said it would use the new funding to “accelerate the momentum of its technology among institutional investors.”

Image: BitGo