BitGo Announces $16 Billion in Assets Under Custody
BitGo hits a new milestone further validating institutional investor interest in cryptocurrency and Bitcoin hits an all time high
PALO ALTO, CA, December 21, 2020 – BitGo, the leader in digital asset financial services, has reached $16 billion in digital assets under custody (AUC). As institutional interest in cryptocurrencies continues to surge, top investors are seeking institutional-grade security and financial infrastructure for custody, trading and lending of their digital assets.BitGo’s commitment to serving institutional investors’ digital asset requirements started in 2013 with the launch of BitGo’s multi-signature wallets, and since then has expanded into a comprehensive suite of institutional-grade tools to trade, borrow, lend, and securely store digital assets. In 2018, BitGo launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets, leveraging the technology of the first platform to receive SOC 2 Type 2 compliance in the industry. BitGo is also the largest processor of on-chain Bitcoin transactions, currently accounting for more than 20% of all on-chain Bitcoin transactions, processing over $15 billion in monthly transactions.“BitGo set out to deliver trust and pave the way for mainstream investment in digital assets,” said Mike Belshe, CEO, BitGo. “We’re seeing unprecedented interest from institutional investors as a result of the pandemic’s economic impact, as well as Bitcoin’s extraordinary performance. BitGo has met the moment with our proven track record in security, service and products, and we are well positioned to help institutions navigate the complex landscape of digital assets into the future.”Today, BitGo is trusted by over 400 clients spanning 50 countries. Many are the world’s top exchanges and platforms such as Bitstamp, Nexo, and Pantera. “More than ever, the need for a digital asset partner with a solid track record, like BitGo, is critical for large institutions and their clients to feel confident in their allocations to cryptocurrencies,” says, Pete Najarian, Chief Revenue Officer, BitGo.BitGo’s investors include Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
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.
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.
No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless.