BitGo: A Name That Infuses Trust in Digital Currency!
BitGo is a digital asset trust company that provides multi-signature bitcoin wallet service with a unique distribution of wallet keys. The wallet keys are distributed among different owners for better security and management of risks. BitGo wallets have three types of keys, one key is held by BitGo and the other two are controlled by the wallet owner. Wallets may be configured in hot or cold configurations or custodial or non-custodial configurations. BitGo envisages to bring in a transformation in the way the financial system functions. Investments in digital assets are expected to increase manifold, which would call for reliable services and solutions for institutional investors. BitGo reduces the risk in digital transactions and brings in transparency by offering secure and compliant custodial and liquidity solutions and also offers other services.
BitGo is backed by some of the top venture capital firms like Goldman Sachs, Redpoint Ventures, Valor Equity, Craft Ventures, Galaxy Digital Ventures and so on. This also adds to the reliability of the company, especially for digital currency trading platforms in the otherwise volatile crypto coin market. Few of the important services provided by BitGo are-
- Multi-Signature Wallets, where more than one party is needed to sign off a cryptocurrency transaction without the need of taking custody of digital assets. Companies can design their own rules and procedure for payment authorization and the BitGo software keeps a check on the aspect of legal compliance with local legislative policies on corporate transactions.
- Program API/ Platform API, through which developers can integrate the BitGo solutions into their blockchain projects
- Fast Transactions and Customized Private Blockchains, since public blockchains like Bitcoin usually do not fulfill legislative requirements for institutional investors, BitGo makes things simpler by providing customized private blockchains through which investors can make transactions in digital currencies
- Custody Services, which institutional investors may use to ensure the regulators that the crypto investments are in safe hands and along the lines of local legislation
- Cost-Effective Wallet Fees
- Security and Trustworthiness, the primary objective of BitGo, is to provide ‘security-as-a-service’ to investors in digital assets.
- Self Managed Storage, where clients are offered a safe offline vault solution, for those who wish to hold and control their keys through their own technical teams
As the digital currency economy is expanding every day, so is BitGo, which has announced new custodial entities in Germany and Switzerland, that it had first introduced in the USA in 2018, with BitGo Trust Company. It would now become easier for the company’s clients who can choose whichever jurisdiction is most suitable for their business. Mike Belshe, the CEO, BitGo, said,
“We saw a lot of demand in Europe last year, and it was clear that clients there needed to be able to work with European based firms that were regulated within specific jurisdictions. Switzerland and Germany have both become important European centers for digital assets as well as for forward-thinking regulatory frameworks. Regulatory compliance is a prerequisite for our clients, and we have been impressed with the understanding and support of Swiss and German regulators.”
BitGo’s custody services are purpose-built for ensuring the security of the digital assets as BitGo clients are responsible for assets of other parties, and usually function in a fiduciary capacity that necessitates a very robust security network and strict regulatory compliance.
Today BitGo has emerged as one of the top leaders in digital asset financial services as almost 20 percent of Bitcoin transactions are processed globally through BitGo and it supports as many as 250 coins and tokens. The company’s customer base has also been expanding and includes some of the biggest cryptocurrency exchanges in the world and is spread over more than 50 countries. Thus BitGo has indeed emerged as a pioneer in institutional-grade cryptocurrency investment services and is expected to expand its services further.