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Blockchain security startup Bitgo has announced that it has received regulatory approval in the U.S. to offer cryptocurrency custody services. With the move, BitGo becomes the latest company to throw its hat into the crypto custody ring as the market prepares to welcome large institutional investors who have previously been put off by crypto’s substantial
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Two US-based crypto behemoths, Coinbase and BitGo, will continue to facilitate growing demand for Bitcoin from institutional investors by operating as trusted custodians. Earlier this week, BitGo was approved by South Dakota regulators to create and operate a crypto custody solution, while Coinbase established a new office in New York exclusively to handle institutional demand
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US regulatory authority approves BitGo for the status of a custodian for crypto and the market is booming during positive news.
The digital currency security startup BitGo has been granted approval of a custodian for crypto and other virtual assets after the company put in a request for permission to act as a digital asset custodian. The company will bring its clients the offer for a regulated custody solution made with their crypto investments specifically in mind.
Bitgo, a cryptocurrency security and custody company, has been granted regulatory approval to provide its storage services to the United States. Specifically, Bitgo will target U.S.-based institutional investors with its “Bitgo Trust Company.”
Also Read: Corporate Creditors Can Now File Claims for Mt Gox Restitution
The South Dakota Division of Banking has approved Bitgo Trust Company as a public South Dakota Trust Company – allowing the company to offer its cryptocurrency custody services to institutional investors in the United States.
BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets, according to a Business Wire press release.
The approval means the BitGo Trust Company can now offer secure storage for digital assets “designed for institutional customers,” Chief Compliance Officer Shahla Ali told Bitcoin Magazine. “Built on BitGo’s multisignature security, BitGo Custody delivers modern security for modern assets,” Ali continued.
Ali went on to explain that “BitGo has been working on its application for its charter to be a qualified custodian for the past year.” Per South Dakota regulations, the company won’t begin storing assets under the Trust until a 30-day period has elapsed.
In recent news pertaining to altcoins, Bitgo has announced the addition of Zcash to the roster of cryptocurrencies supported by the cryptocurrency custody firm; Wirex has enabled XRP support for its cryptocurrency debit card; and Tezos has commissioned PricewaterhouseCoopers (PwC) to audit the Tezos foundation’s finances and operations.
Also Read: Bitmain Reveals the Total Hashrate of Its Cryptocurrency Mining Hardware
Bitgo, a company providing “institutional-grade cryptocurrency security” services, has announced that it has enabled support for Zcash. The announcement follows the addition of 57 ERC tokens last week.
Bitcoin debit card providers are working hard to gain a foothold in the hybrid industry between traditional finance and digital currencies. Spending Bitcoin through traditional means is positive for both consumer and merchant, but that doesn’t mean it will be an easy victory. E-Coin, one of the leading Bitcoin debit card providers, has announced their crowdfunding campaign on BnkToTheFuture.
Make sure to read: Fintech Companies Leapfrog Banks To Offer Faster Payments
It is a public secret that traditional Bitcoin companies are often faced with one pressing question: are they solvent or not? Despite the usage of an open ledger to record transactions and balances, most Bitcoin companies do not disclose company wallet addresses. But, if we ever want to take Bitcoin to a mainstream audience, that situation might have to change sooner rather than later.
Bitcoin’s history has been filled with scams; companies going bankrupt and services disappearing into thin air. Most of the stories stem forth from one common issue: not being solvent to continue operations. Rather than being transparent about this fact towards customers, most companies simply continue operations until there is no more money coming in altogether.
Bitcoin security remains a key area of focus for a lot of companies and individuals. And, so it should be, as your money is on the line if you sacrifice security for convenience. But, even the most competent company can sometimes run into a flaw that no one could have foreseen. BitGo’s recovery process almost led to a loss of 85 Bitcoin for one user.
The issue came to light when one of BitGo’s users attempted to get a Bitcoin transaction – created by the company’s recovery progress – to go through the network. One thing you should know is that BitGo’s recovery tool is only intended for recovering legacy BitGo wallets, and not for anything else.
Bitcoin security remains a matter that is near and dear to all of our hearts. Given the recent string of Bitcoin-related platforms being attacked or hacked – with or without the loss of users’ funds – we need to step up our game. A new partnership between BitGo and TradeBlock is working towards a secure and seamless Bitcoin trading infrastructure.
With such a disruptive technology as Bitcoin on our hands the possibilities are endless, which also brings a security risk to the table, as we do not understand all aspects of this technology just yet. And it has been proven time and time again that the “standard” security measures are not sufficient to protect Bitcoin wealth, by any means.
There is a vast array of different Bitcoin wallets in existence these days, all of which try to offer something their competitors do not (yet). BitGo is one of the most popular Bitcoin wallet solutions in existence today, simply because of their multi-signature implementation, and it looks like BitGo will be strengthening its market position from this point forward, as their security features are now available free of charge to individual users.
It has been a few days since we last talked about the BlockNet ITO sale , and it looks like all the dust has settled down, for which we are thankful. The official sale numbers have been provided by Synechist, so let’s see if they met their minimum target of raising 850 Bitcoin in sales!
Sale Numbers
As you will all remember from our very first BlockNet ITO sale article, multiple exchanges and platforms were involved in order to raise the necessary funds for this project. In the event of not all BLOCK tokens being sold, the remainder would be destroyed by sending it to an unspendable address.
As the final day of its ITO advances, the Blocknet unveils a wide variety of accountability and trust-related measures, and publishes rules pertaining to the close of the ITO.
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Ben Davenport is leaving his team member & software engineer role with Facebook to go and work for Bitgo. Who is Davenport? He is a former Google employee. After a change of heart Davenport started working at Facebook after its acquisition of startup Beluga, a company he co-founded. He has an AngelList syndicate where he and other accredited investors have been funding Bitcoin startups. In short a standup guy who believes in Bitcoin and what it stands for.
