Amber Group Selects BitGo as Custodian to Bridge Traditional Finance with Crypto Native Apps

PALO ALTO, CA, November 9, 2020 – BitGo, the leading digital asset financial services firm today announced that Amber Group, a global crypto finance service provider, is utilizing BitGo Trust qualified custody for its clientele of institutional investors and traders. Amber Group, known for its outstanding track record innovating in crypto finance and high frequency trading for institutional investors, is now re-engineering the experience with the new Amber App, which will extend its offerings to high net-worth investors and the next generation of crypto users. Amber Group is working with BitGo Trust as its partner for its secure, battle-tested institutional-grade custody, compliance tools and user policy controls to secure customers’ assets.

Insurance was another factor in Amber Group’s decision to choose BitGo. In 2019, BitGo introduced the most comprehensive insurance protections for digital assets which included $100 million USD for assets held in BitGo qualified custody, through a syndicate of insurers in the Lloyd’s of London and European Marketplace. Earlier this year, BitGo became the first digital asset custodian to offer clients the ability to purchase their own excess limits above BitGo’s $100 million policy. BitGo clients who purchase Excess Specie Insurance will be named as Dedicated Customer Loss Payee in the policy, ensuring an additional layer of protection.

“Amber Group’s leading-edge crypto innovations originate from the founders’ background in traditional finance,” said Mike Belshe, CEO, BitGo. “Amber was formed by seasoned finance professionals who cut their teeth trading at firms like Morgan Stanley. Amber is poised for tremendous growth and the team at BitGo is focused on providing the security, liquidity and custody infrastructure they require to do what they do best -- transform the future of finance.”

“As we scale our operations into more jurisdictions, we prioritize partnering with reliable and well-reputable infrastructure providers like BitGo who are committed to a security-first approach to asset protection,” says Michael Wu, CEO, Amber Group. “Implementing rigorous security measures around client assets is not only critical to our daily operations, but also key to building long-term trust with our clients.”

Founded in 2017, Amber is a leading crypto finance service provider trusted by over 200 institutional clients worldwide and backed by Paradigm and Pantera, with additional investments from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures. With global coverage for services ranging from liquidity provision to execution services and asset management, Amber is committed to bringing more transparency and professionalism to the crypto markets and its customers.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures. For more information, please visit www.ambergroup.io.

About BitGo

BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 300 coins and tokens. BitGo’s customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.

Disclaimer

The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.

BitGo Trust Company, BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.

Contact

At BitGo:
Michelle Marin
press@bitgo.com

Institutional digital asset custody, trading, and finance.
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