BitGo Is Building Its Own Digital Asset Custodian

While BitGo does not yet know what kind of timeline it’s looking at, Horowitz did say that the company has been”working really closely with regulators” In the meantime, it offers clients two options to asset management. The very first option revolves around BitGo’s recently-announced suite of custodial services, where the firm now offers several degrees of custodial services.

Customers can manage their own assets, she explained.
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She referred to remarks made by BitGo chief executive Mike Belshe, who said in a previous post that”custodians create institutional investment potential by providing a level of checks and balances to make money safe”
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On the significance of building a digital asset custodian specifically aimed at the cryptocurrency space, Horowitz said”I think it’s crucial, I think the way that you hold digital assets [differs from the way you are ] holding stock certificates”

“We spent a great deal of time within the course of the working with clients because ultimately that is who we are going to be working out and we understood they would be best served by a custodian who had been completely centered on their assets, therefore our focus was to make a fully qualified independent electronic custodian.”

Four months after announcing it would get the asset custodian Kingdom Trust, blockchain security firm BitGo has determined rather it would only build its own.
This limbo,” however, isn’t what inspired BitGo to build its own confidence, marketing vice president Clarissa Horowitz informed CoinDesk. Rather, the startup came to the conclusion after looking at its clients’ requirements, she explained, adding:

The startup said Thursday that it had been”looking for a charter to build BitGo Trust,” a”new, regulated, capable custodian” which would be constructed specifically for digital assets, as shown by a Medium post. At exactly the identical time, it announced it would not go with getting Kingdom Trust, after acceptance of the acquisition spent four months in regulatory limbo.