Multi-sig bitcoin wallet provider BitGo has raised $42.5 million in a Series B funding round led by Valor Equity Partners with participation from David Sacks, Bill Lee, and DRW.

The startup said that the funding will be used to accelerate the momentum of its technology among institutional investors. Together with the Series A round in 2014, BitGo’s total funding till date now comes to around $55 million.

In addition to the funding round, BitGo announced new appointments – Antonio Gracias, Founder, Managing Partner, and Chief Investment Officer of Valor Equity Partners and board member at Tesla and SpaceX, and David Sacks, Founder/CEO of Yammer and original COO and product leader of PayPal, will join the company’s board of directors. Don Wilson, the founder of asset trader DRW and a co-founder of blockchain startup Digital Asset, will join as an advisor, CoinDesk reported.

"BitGo has a long history of working with large institutions that need the highest-grade security, compliance, cold storage, multi-key management, and more,” said Bill Lee, Chairman of the Board at BitGo. “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.”

BitGo currently powers $8 billion in digital transactions per month. It explained that its technology is a catalyst that allows custodial institutions to extend new offerings to Wall Street and Main Street, and the company has already realized success with several custodial partners.

The company’s customer base includes the likes of The Royal Mint and CME Group which leverage BitGo’s technology to add digital currencies to their global product mix.

“We’ve crossed the tipping point for Bitcoin and other digital currencies, which have transitioned from experiments to front page news. BitGo gives institutions and custodians a solid technology base to offer new digital investment opportunities, products and services,” said Mike Belshe, CEO of BitGo. “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.”