PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, the market leader in institutional-grade cryptocurrency security, today announced that the South Dakota Division of Banking has approved BitGo Trust Company as a public South Dakota Trust Company.
BitGo Trust Company is the first qualified custodian purpose-built for storing digital assets. Built on BitGo's pioneering institutional-grade, multi-signature security, BitGo Custody delivers modern security for modern assets.
“Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market,” said Mike Belshe, CEO, BitGo. “Traditional custodians don’t have experience handling cryptocurrency. Exchanges that double as custodians present a conflict of interest and raise regulatory concerns. BitGo Trust Company is a qualified custodian, and therefore the only custody offering that delivers the highest levels of both security and regulatory compliance.”
Since 2013, BitGo has provided the only institutional-grade, multi-signature, multi-coin hot wallet. BitGo Custody builds on BitGo’s history as a leader in cryptocurrency security solutions for institutional investors. BitGo Custody offerings provide the strict policies, procedures, controls, and disclosures that are only guaranteed with a qualified custodian. Earlier this year, BitGo announced that it had completed a SOC 2 examination.
BitGo Custody delivers:
- 100% cold storage technology in bank-grade Class III vaults
- Support for 75+ coins and tokens
- Institutional-grade policy controls
- Multi-user accounts
- Fast onboarding
- 24/7 support
BitGo Custody offers low setup and assets under custody (AUC) fees. After a year, clients may be eligible for a fee credit if their AUC balance is equal to or greater than it was during the prior 12-month period.
BitGo Inc. is the market leader in institutional-grade investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies. BitGo is the world's largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company has a customer base that includes the world's largest cryptocurrency exchanges and spans more than 50 countries. BitGo is headquartered in Palo Alto, California, and has offices in London, Singapore, and Tokyo. For additional information, please visit www.BitGo.com.