Crypto entrepreneur and investor Ben Davenport is joining Blockchain Capital as a venture partner.
CoinDesk
BitGo Announces New Settlement System for Institutional Clients
Blockchain security company BitGo is launching a new service for institutional clients: a clearing and settlements system that operates off-chain.
BitGo announced this new service in a press release on May 14, 2019, describing some of the features that this new system will have. Assets “never need to leave custody,” according to the announcement, and “counterparty risk is minimized” with BitGo acting as custodian for both sides of any deal.
BitGo Hires Former Wall Street Forex Trading Exec
Crypto custody provider BitGo has hired Nick Carmi, former head of forex trading at a number of Wall Street banks.
CoinDesk
BitGo Partners With Genesis to Enable Cold Storage Crypto Trading
Palo Alto-based crypto custody startup BitGo announced Wednesday that it has partnered with Genesis Global Trading, an OTC digital currency trading firm, to allow clients to buy and sell digital assets directly from the security of their BitGo Trust cold storage account. On the BitGo blog today: “Partnering with @GenesisTrading underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents […]
SludgeFeed
New BitGo Partnership Lets Clients Trade Crypto Directly From Cold Storage
American crypto wallet and custodial firm BitGo has teamed up with Genesis Global Trading, a digital asset trading firm, to improve the crypto trading experience for its institutional investors.
Investors who use BitGo's custody service can now trade their assets directly from their BitGo custody account, without the need to move the assets to an exchange.
“Institutional investors want to put their assets to work and they want security,” Mike Belshe, BitGo’s CEO, told Bitcoin Magazine. “Until now, they've had to make compromises on one front or the other, choosing to trade off security for speed of withdrawals from custody. Now, as a result of our partnership with Genesis, they have access to multiple trading venues without ever having to move their assets from the security of cold storage."
BitGo Hires Trust Company Veteran as CEO of Its Custody Arm
BitGo has a new CEO for its custody business.
The cryptocurrency solution provider has recruited Richard Corcoran as its new chief executive officer. Having retired some years back after over 30 years in the traditional banking and finance industry, Corcoran has come out of retirement to lead the BitGo Trust Company, BitGo’s crypto custody arm.
BitGo received approval from the South Dakota Division of Banking in September 2018, empowering it to act as a qualified custodian of digital assets for its institutional investors. At the time it was launched, BitGo Chief Compliance Officer Shahla Ali said that BitGo’s custody would deliver “modern security for modern assets.”
BitGo Brings Banker Out of Retirement to Lead Institutional Crypto Custody
Ex-Banker Dick Corcoran will oversee billions of dollars in value as CEO of the recently formed BitGo Trust Company.
CoinDesk
Goldman Sachs-Backed BitGo Now Supports Over 100 Cryptocurrencies
Palo Alto-based crypto custody startup BitGo officially supports more than 100 different cryptocurrencies and tokens, including multiple major stablecoins. Proud to announce that we now support over 100 coins and tokens! https://t.co/YuipM8Snb2 — BitGo (@BitGo) November 15, 2018 According to a Thursday press release, BitGo is the first custody service to reach the 100-coin milestone. The company’s adoption […]
SludgeFeed
Formosa Financial Integrates with BitGO
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned … Continued
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Goldman Sachs Makes Another Bet on Crypto With BitGo Investment
Palo Alto-based startup BitGo, which develops secure wallets for crypto custody, has raised a $ 57.5 million Series B financing round led by Goldman Sachs (GS) and Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY). EXCLUSIVE: Goldman Sachs and billionaire @novogratz are investing in crypto custodian BitGo https://t.co/L1wiEZxHr6 — Bloomberg Crypto (@crypto) October 18, 2018 According […]
SludgeFeed
BitGo Receives Approval to Operate as Regulated Cryptocurrency Custodian
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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Coinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Crypto
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
The post Coinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Crypto appeared first on CCN
US Regulatory Authority Approves BitGo For Custodian – BTC, ETH & XRP For Recovery
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 Attains Regulatory Approval in United States
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
Bitgo Approved by South Dakota Regulators
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 Gets Approval From State Regulators to Launch Custody Service
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.
Altcoins Round-Up: Bitgo Adds ZEC, Wirex Supports XRP, PwC to Audit Tezos
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 Offers Zcash Custody
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.
E-Coin Hosts Equity Crowdfunding Campaign on BnkToTheFuture
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
BitGo Launches Solvency Certificate Service for Bitcoin Companies
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.
The Issue of Solvency Slows Down Bitcoin Adoption
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.
How One BitGo User Nearly Lost 85 BTC Due to a Recovery Script Bug
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.
BitGo’s Recovery Script
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.
BitGo Partners With TradeBlock To Improve Bitcoin Trading Security
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.
BitGo: Taking Bitcoin Security To New Levels
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.