|Headquarters||Palo Alto, CA|
|Key People||Mike Belshe, Co-Founder and CEO; Benedict Chan, CTO; Dave Larson, CFO; Shahla Ali, Chief Compliance and Legal Officer|
|Products||Wallets and security services|
|Blog||BitGo Official Blog|
Products and Services
In January 2019, BitGo launched "Wrapped Bitcoin," an Ethereum-based digital asset backed one-to-one by the market value of bitcoin, similar to how stablecoins are backed by fiat currency. Use cases for this product include serving as collateral for decentralized lending services, which may potentially create greater liquidity in services decentralized or "dex" exchanges.
On September 14, 2018 BitGo announced that its BitGo Trust Company had been approved to operate as a public trust company by the South Dakota Division of Banking, allowing it to provide regulated storage for cryptocurrencies. Mike Belshe, co-founder and CEO of BitGo, highlighted BitGo's exclusive focus on custody as the company's unique selling point when he said, "Exchanges that double as custodians present a conflict of interest and raise regulatory concerns."
In October 2018, BitGo reported that it had raised $84.5 million in investments after completing two rounds of investing. The second round, Series B, closed after the company received its trust company registration. The round was led by Goldman Sachs and Mike Novogratz's Galaxy Digital.
In January 2019, BitGo announced a partnership with Genesis Trading, a company that facilitates digital asset OTC trades for institutional traders, in order to offer cryptocurrency trading services off-exchange. According to Genesis Trading CEO Michael Moro, institutional and high net worth investors clients of BitGo will be able to trade cryptocurrency through Genesis Trading, without having to go through an exchange like Coinbase. This allows them to execute trades without their digital assets ever leaving BitGo's custody.
- About: Making digital currencies usable for business in a regulated economy. BitGo.
- BitGo Custody. BitGo.
- BitGo launches “Wrapped Bitcoin” as it eyes new tokenization opportunities. The Block Crypto.
- BitGo Receives Regulator Green Light to Provide Crypto Custody Services. Finance Magnates.
- Bitgo Oveview. Crunchbase.
- BitGo Draws Attention of Wall Street, Raises $15M from Goldman and Novogratz. Finance Magnates.
- BitGo Crypto Wallet Integrates Digix’s Gold-Backed Cryptocurrency. Finance Magnates.
- BitGo announces partnership that puts it up against the largest crypto exchanges. The Block.