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Alternative Market Briefing

BitGo receives regulatory approval to start crypto custody services

Friday, September 14, 2018

Laxman Pai, Opalesque Asia:

Institutional-grade cryptocurrency security startup BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets - cryptocurrencies or other digital tokens.

This makes the California-based crypto wallet and blockchain security firm a crypto custodian, just like traditional Wall Street custodians such as State Street and Bank of New York.

A press release from the Blockchain security firm said: "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."

The release quoted Mike Belshe, CEO, BitGo as saying: "Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market."

Mike added: "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 institutional-grade, multi-signature, multi-coin hot wallet. BitGo Custody builds on BitGo's history as a leader in cryptocurrency security solutions for institutional investor......................

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