This Sunday, a new Palo Alto-based startup, known as BitGo, presented a suite of custodial services, designed for institutional investors who are currently watching the crypto market with interest.
According to CoinDesk, this is a notable product launch, confirming the company’s move to buy Kingdom Trust, a US qualified custodian of traditional financial assets, back in January. However, even though the acquisition is waiting regulatory approval, this doesn’t stop BitGo from offering new services.
A company to watch in the future?
The company’s head of product, Tracy Olson, confirmed that this new launch is all about framing the company as a provider of security solutions, able to offer services for both consumers and institutions.
“We’re definitely seeing a lot of bigger names interested in digital currencies. But there are other customers like smaller hedge funds, they just don’t want to have to hold custody themselves. They’re looking to have the security and compliance and storage solutions that they can outsource to, and that’s what BitGo is really delivering,” Mr. Olson said.
Currently, BitGo offers three service tiers. Specifically, we’re talking about “qualified custody”, in which they’re offering secure storage, as well and custody; “institutional custody,” which allows clients to manage their wallets, while connected or disconnected from the Internet; and finally, self-managed custody.
Tracy Olson declared that their full-service offering can appeal to the risk-tolerance of pretty much all types of clients, from those who want to start setting up and manage their wallets themselves, to those who want to manage the cryptographic keys needed to acces funds.
“These are really targeted at different market segments. The market is really demanding these three different solutions,” BitGo CEO added.
Big plans for 2018
She also indicated that the company doesn’t plan to reveal the total value of the assets it helps custody. However, Olson said that 15 percent of Bitcoin transaction of the moment occur through the BitGo’s wallet offerings. They’re also offering custody solutions to more than 20 cryptocurrencies, but they’re looking forward to increasing this number by the end of the year.