Crypto custodian BitGo is in preliminary discussions to raise new funds at a $1.2 billion valuation, according to sources with knowledge of the company’s thinking.

Investors began to approach the firm in August, following the acrimonious collapse of its planned $1.2 billion acquisition by Toronto-based Galaxy Digital Holdings. A second source, who spoke with two venture-capital and one private-equity firm participating in the discussion provided the $1.2 billion figure.

The company claims that it has no exposure to FTX, Alameda, or firms such as Three Arrows Capital and Celsius, both of which went bankrupt this spring when stablecoin terraUSD and its sister token luna collapsed.