BitGo, a US-based cryptocurrency wallet provider, has raised $42.5m in a Series B funding round led by Valor Equity Partners.

Other participants in the fundraising were Bill Lee, David Sacks, and investment firm DRW. The company said that it would utilise the latest capital to “accelerate the momentum of its technology among institutional investors.”

BitGo chairman of the board Bill Lee said: “We are thrilled to bring on top notch executives and the expertise of investment legends like Don Wilson at DRW to aggressively expand on BitGo’s leading position with institutional investors.”

Sacks, the original COO and product leader of PayPal and founder/CEO of Yammer, and Valor Equity Partners founder and CIO Antonio Gracias will join the board of BitGo.

BitGo CEO Mike Belshe said: “We have been the go-to service for exchanges, hedge-funds, 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.”

BitGo supports six cryptocurrencies, namely bitcoin,  Ethereum, XRP, bitcoin cash, litecoin and Royal Mint Gold. The firm currently powers $8B in transactions every month.