BitGo launches cryptocurrency storage service for institutional investors

BitGo launches cryptocurrency storage service for institutional investors


BitGo has launched a new toolkit designed to safely store digital assets and is targeted at institutional investors, CoinDesk writes.

Creating a service for storing cryptocurrencies is the next step taken by BitGo after the purchase of the American qualified service for storing the traditional assets of the Kingdom Trust, which became known in January. Although this transaction has not yet received the approval of regulators, BitGo continues to develop its institutional direction.

“We see that ever larger companies are beginning to be interested in digital currencies. But there are other customers, such as smaller hedge funds, who do not want to take responsibility for storing assets. They need solutions that are safe and in line with the requirements of the law, to which they could be accessed in the order of outsourcing. It is this kind of service that intends to provide BitGo”, – explained the head of the product Tracey Olsen.

To meet the needs of all its customers, BitGo presents at once 3 levels of storage: “qualified storage”, mediated by the Kingdom Trust, “institutional storage”, allowing customers to manage wallets that have and do not have an Internet connection, and self-managed storage.

Thus, BitGo solutions are suitable for customers who want to transfer all functions related to security and digital asset management to third parties, and those who are interested in maintaining maximum control over their private keys.

As Olsen noted, the current state of the market means that all participants compete with the sometimes negative perception of technology. According to him, despite the reputation of the cryptocurrency, as related to the underworld, a lot of people see value in their investment.

In December last year, BitGo attracted $42.5 million during the series of B financing.

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