- BitGo’s dedicated retail portal, which offers worldwide access to its regulated digital asset trading, staking, wallet, and certified custody services, has been formally launched.
For the first time, BitGo, a supplier of digital asset infrastructure, has opened a dedicated retail platform that gives users worldwide access to its regulated digital asset trading, staking, lending, wallet, and cold and self-storage custody services.
Since its founding in 2013, BitGo, which provides services like custody, trading, and settlement, has mostly catered to institutional clients. Additionally, it offers custody services for Ark Invest/21Shares and Valkyrie (now CoinShares) U.S. spot Bitcoin exchange-traded funds, is one of the authorized firms assisting in client repayments from the now-defunct Mt. Gox exchange, and is currently the custodian of WBTC, the largest Ethereum-based wrapped bitcoin asset.
BitGo asserted that it has protected billions of dollars’ worth of cryptocurrency assets for institutions, and that its new retail solution will provide the cohort with the same degree of institutional-grade protection, transparency, and regulatory compliance.
Launching BitGo’s dedicated retail platform and providing retail investors with the same white-glove, crypto-native solutions that we have been providing to the global institutional sector since 2013 makes us very happy. We are thrilled to be that reliable partner for retail investors who require a crypto-native, security-first platform. We are eager to improve the global investor experience in terms of retail investing, trading, storage, and staking.
The website is now open to international investors, and qualified U.S. users who register have the opportunity to win all of bitcoin.
In 2023, BitGo raised $100 million at a $1.75 billion value in a Series C fundraising round.
A change in emphasis at BitGo
With plans to become a minority stakeholder in a new joint venture to spread ownership over WBTC’s custody revealed in August, BitGo’s retail platform launch coincides with what appears to be a change in focus for the infrastructure provider. Among them was the trust firm BiT Global, situated in Hong Kong and connected to Justin Sun, the founder of Tron.
Due in part to long-standing disputes involving Sun, one of the most significant players in the crypto sector, this alleged strategic alliance between BitGo, Sun, and the Tron ecosystem created a stir in the industry.
For example, stablecoin issuer MakerDAO (now Sky) first decided to restrict the use of wBTC as collateral in the minting of its DAI (USDS) stablecoin. Coinbase and Kraken quickly offered its own wrapped bitcoin alternatives, while decentralized lender Aave stated it will keep an eye on the situation.
Belshe, however, called Sun’s WBTC involvement a “big nothingburger” in an interview with The Block at the time. She clarified that WBTC attestations would still remain in effect and that the team at BiT Global is responsible for managing several customer accounts with a duty of safekeeping care. “I believe BitGo has a great reputation since we have always operated under the strongest security guidelines. You can think anything you want about Justin Sun, but I am certain that this technology is the best in the business.
My own participation in WBTC is wholly strategic. I am unable to move any Bitcoin reserves and do not own the private keys to the WBTC reserves.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
