BitGo, the maker of multi-signature cryptocurrency wallets for enterprises, has closed a $42.5 million Series B funding round in a sign that demand has at last arrived for institutional-grade services in the market.

Led by Valor Equity Partners with participation from Bill Lee and David Sacks, the round of venture capital brings BitGo’s total funding to more than $55 million, following a Series A in June 2014.

As part of the investment, Antonio Gracias (who sits on the boards of SpaceX and Tesla) and Sacks (who co-founded PayPal and Yammer) will join BitGo’s board of directors. Strategic investor Don Wilson, the founder of asset trader DRW and a co-founder of blockchain startup Digital Asset, will also join BitGo as an advisor.

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