PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, Inc, the market leader in institutional cryptocurrency financial services, announced today the appointment of Richard J. Corcoran as Chief Executive Officer of BitGo Trust Company, a division of BitGo Holdings, Inc. He will report to the BitGo Trust Company Board of Directors, chaired by BitGo CEO, Mike Belshe.
The new appointment reflects the fast-paced growth of the company. BitGo Trust Company, which was announced in September 2018, is the first qualified custodian purpose-built for storing digital assets. BitGo Trust Company received its charter from the South Dakota Division of Banking. Corcoran will be based in South Dakota and will be expanding the team of financial, security and industry experts.
Belshe said, “Dick Corcoran brings the right background as a senior trust executive as we build the new infrastructure for digital assets. Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market. He has a deep understanding of the opportunities and value creation that BitGo offers to its institutional customers.”
Corcoran brings more than 30 years of experience as a senior trust executive to the company. In 1991, he joined The First National Bank in Sioux Falls, South Dakota as Executive Vice President of Wealth Management where he was responsible for the operation of a $4 billion trust department and full service investment brokerage department. Prior to joining First National Bank, he spent 10 years as an attorney with the firm of Woods, Fuller, Shultz & Smith, a business law practice focused on trust and corporate law. Previously, he was Assistant Vice President and Trust Officer of First Northwestern Trust Co. of South Dakota where he led statewide supervision of employee benefit trust operations. Corcoran is a member of the South Dakota Bar Association and American Bar Association. He earned his bachelor of arts degree from Augustana College in Sioux Falls, South Dakota and Juris Doctorate from Hamline University School of Law in St. Paul, Minnesota. In 2006 he attended the ABA Graduate School of Banking at Georgetown University in Washington, D.C.
Corcoran commented, “This is a very exciting time to be joining BitGo and I look forward to driving the development and execution of our corporate strategy to provide custody offerings that deliver the highest levels of both security and regulatory compliance.” He added, “I look forward to leading a team of some of the brightest and creative talent in the industry.”
BitGo Custody delivers:
- Regulatory compliance through qualified custodian license
- 100% cold storage technology in bank-grade Class III vaults
- Support for 100+ coins and tokens, plus fiat
- Robust security controls demonstrated by SOC 2 and CCSS industry certification
- Institutional-grade policy controls
- Multi-user accounts
- Fast onboarding
- 24/7 support
Pricing:
BitGo Custody offers low setup and assets under custody (AUC) fees supporting 100 coins and tokens, plus fiat. 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.
About BitGo:
BitGo is the market leader in institutional cryptocurrency financial services, providing clients with security, compliance, and custodial solutions. 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 supports over 100 coins and tokens, and has over $2 billion in assets in wallet. BitGo’s customer base includes the world's largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
About BitGo Trust Company
BitGo Trust Company is an independent trust company regulated by the South Dakota Division of Banking, and the first qualified custodian purpose-built for holding digital assets.