Benedict Chan, chief Technology officer at Bitgo, discusses the ECB’s stance on Facebook’s Libra, the possibility of the PBOC beginning a cryptocurrency, price of bitcoin, consolidation in the industry and interest from investors. He speaks on “Bloomberg Market: Asia.” (Source: Bloomberg)
Crypto company BitGo Inc. has acquired another startup, Hedge, as it moves into the increasingly popular area of providing a form of interest payments to holders of cryptocurrencies.
BitGo, a leader in digital asset financial services, will provide secure storage for the crypto assets under management at Bitstamp.
What is the safest way to store digital currencies? The answer to that question could decide the biggest winners in a multibillion-dollar race to determine what companies will be the leading custodians of cryptocurrencies, which are increasingly being used by money managers and other institutions for themselves or their clients.
Decentralized identity startup Civic Technologies announced a partnership with BitGo to build a crypto wallet that maintains anonymity while offering a back-up solution.
Created through a partnership with BitGo Trust, the retirement account features $100 million in insurance protection, 30 percent lower wallet fees, and the ability for clients to diversify their holdings in 12 digital assets.
Cryptocurrency processor and digital-asset custodian BitGo has achieved the SOC 2 Type 2 security certification, saying it will provide an edge in attracting institutional investor interest.
The six‐year‐old company, which was a digital‐wallet pioneer and currently processes $15 billion of Bitcoin and other cryptocurrency transactions per month, has sought to differentiate itself through an independent custody offering. Co‐founder and CEO Mike Belshe has called custody “the missing piece of cryptocurrency market infrastructure [that] has kept institutional investors out of the market.” Last year it obtained a South Dakota state charter for BitGo Trust Co., described as “the first qualified custodian purpose-built for storing digital assets.”
BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference. The announcement by the crypto custodian and issuer of hot and cold storage wallets means that a sizable share of on-chain transactions pass through its services, a sign of consolidation, and power, in the crypto space.