I’m pleased to announce that we’re seeking a charter to build BitGo Trust. Our vision is to build a new, regulated, qualified custodian that will be the first and only one built from the ground up for digital assets.
Over the last few months, we have worked closely with customers to understand their custodial needs and have realized that to offer the best custodial solution, we needed to build our own qualified custodial offering. As a result, we have decided not to move forward with the acquisition of Kingdom Trust.
BitGo currently offers multiple options for custody, from self-custody to full custody at BitGo. BitGo Trust will seek to expand the offering with a regulated, qualified custodial product for US investors.
BitGo Trust is ground-breaking for our industry because it will be the first qualified custodial solution designed specifically to hold digital assets for institutional investors independent of any exchange or trading activities.
Financial markets and past crises have demonstrated the need for custodianship of assets by an independent custodian. This is an essential piece of the modern market infrastructure that the crypto world desperately needs. As we wrote recently:
Just like with every other asset class, digital currency needs custodianship. Custodians make institutional investing possible by providing a level of checks and balances to keep money safe. This requires a strong separation of duties between exchanging the asset and holding the asset.
Our goal is to make digital currency investing accessible to everyone, in a secure and reliable manner, and this is a major step toward that goal.