BitGo hits a new milestone demonstrating institutional investor acceptance of this asset class and strong interest in DeFi.
PALO ALTO, CA, November 15, 2021 – BitGo, the leader in digital asset financial services, has exceeded $64 billion in digital assets under custody (AUC). As institutional interest in digital assets continues to grow and volumes on crypto platforms surge, top investors and crypto native firms are seeking institutional-grade custody and self custody solutions alongside financial infrastructure to safely and securely transact, store and lend their digital assets.“Institutional custody is not the same as retail custody,” said Mike Belshe, CEO of BitGo. “BitGo Trust Company was designed from the ground up to meet the needs of institutional investors, and it is the only independent qualified custodian focused on building the right market structure and facilities to enable institutions to enter the digital asset space with confidence.”BitGo has also appointed Cassandra “Cassie” Lentchner as President of BitGo Trust Companies (“BitGo Trust”). Cassie joined the company as Chief Operating Officer in May 2021 with over 20 years of experience in the financial services industry. Cassie has built an exceptional reputation as both a regulator and as counsel for industry participants. She oversaw compliance and regulatory standards for New York’s groundbreaking BitLicense and cybersecurity policy, when serving as Deputy Superintendent of Compliance for New York Department of Finance Services (NYDFS).BitGo Trust launched in 2018 as the first qualified custodian for storing digital assets, leveraging its technology to become the industry’s first platform to receive SOC 2 Type 2 compliance. BitGo Trust has qualified custodial entities in New York, Switzerland and Germany and acts as the custodian for WBTC, which has grown to more than $15 billion in custody and circulation.“BitGo’s capabilities and track record as the most trusted digital assets partner are critical for large institutions and their clients to feel secure investing in cryptocurrencies and developing a vibrant digital economy,” said Cassie Lentchner, President of BitGo Trust.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 securely store, lend, manage and trade digital assets. Today, BitGo is trusted by over 500 clients spanning 50 countries, including many of the world’s top exchanges and platforms such as Bitstamp, Nexo, and Pantera. BitGo remains the only service provider in the industry providing both qualified custody and self custody technology solutions to institutional investors, fintech firms and crypto native platforms. BitGo is also the largest processor of on-chain Bitcoin transactions, currently accounting for approximately 20% of all on-chain Bitcoin transactions by value.
About BitGo
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions with over $60B in assets under custody. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. Active in both centralized and decentralized finance, BitGo offers market leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, with more than $15 billion in custody and circulation. In 2020, BitGo launched 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 approximately 20% of all global Bitcoin transactions, and supports over 400 coins and tokens. BitGo provides the security and operational backbone for more than 500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, 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.
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