Significantly, BitGo Trust Company is now a South Dakota Trust Company. This is courtesy of authorization from the South Dakota Division of Banking. Of course, BitGo scores a big point in this laborious feat.
Markedly, BitGo now becomes the first qualified, regulated custodian, purposely built for the storage of digital assets. BitGo Custody works on BitGo’s multi-signature security which is institutional-grade. Furthermore, BitGo Custody will be able to equip modern assets with the modern security they deserve.
Not a Stroke of Luck, but well Deserved
Certainly, BitGo Trust Company deserves this approval as a public trust company. Since way back in 2013, BitGo has been aggressively building its reputation in the institutional-grade investment services industry. Known for its multi-coin hot wallet, BitGo bestows institutional investors with security compliance. Talking numbers, BitGo is big!
BitGo processes a humongous 15% of the world’s total Bitcoin transactions. This amounts to $15B USD across all cryptocurrencies every month. Therefore, this seals BitGo’s enviable position as the biggest processor of on-chain Bitcoin transactions in the world.
To point out, custody is one of the biggest ingredients lacking in the global cryptocurrency industry. For sure, this hampers the attraction of the crypto market, especially to institutional investors. The reality is that most of the established custodians lack proficient expertise in the administration of a crypto portfolio. Therefore, BitGo Trust Company becoming a custodian is a thunderously applaudable development.
In view of this, many will fully accept BitGo as one of the leading disruptors in offering traditional institutional investors cryptocurrency security solutions. Particularly, BitGo Custody offers the necessary controls, guarantees, procedures, as well as the strict policies customary only to qualified custodians.
According to Mike Belshe, CEO, BitGo Trust Company,
“Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market. Traditional custodians don’t have experience handling cryptocurrency. Exchanges that double as custodians present a conflict of interest and raise regulatory concerns. BitGo Trust Company is a qualified custodian, and therefore the only custody offering that delivers the highest levels of both security and regulatory compliance.”
BitGo Trust Company Completes SOC 2 Examinations
This comes as BitGo successfully completed its Service Organization Control 2℠ (SOC 2) examination. Hence, BitGo hereby gains the validation of exercising the legally required controls over its multi-signature wallet services. These controls verify that the system enjoys adequate control and regulatory compliance. Therefore, clients’ resources, information, and privacy can be safely entrusted to BitGo. This ensures BitGo further ease in pulling in more institutional investors.
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