Bitgo Launches an Institutional Grade Custodial Services SuiteMay 16, 2018
This weekend, the leading cryptocurrency security platform, Bitgo, announced the launch of its custodial storage locations for institutional investors. The said custodial program aims to offer a multi-level suite for a digital asset security partnership with the firm Kingdom Trust.
Bitgo is now offering institutional investors custodial services due to a partnership with Kingdom Trust. The news about new custodial services follows the recent announcements from the Wall Street giant, the Goldman Sachs launching a new cryptocurrency product, and most of the companies like Coinbase also offers services to their institutional clientele.
The latest institutional suite offered by Kingdom Trust and Bitgo provides custody services like advanced security solutions, 24/7 monitoring, and treasury controls. Multi-level services for the latest custodial products include institutional custody with multi-sig wallet, Bitgo offline vault, and self-managed custody. The vault stores key offline when tethered to a multi-signature wallet; this can be programmed to require co-signers.
The Bitgo’s offline storage white paper also explains that with the help of an offline vault, it stores and generates private wallet keys in an air-gapped computer. Along with the launch of its new suite, Bitgo will also competition from others providing services to the crypto-wealthy. The company’s website also says that the product is more robust due to the partnership with the Kingdom Trust. The said services will be backed by individuals with the expertise in digital asset solutions. The company will also meet the new regulatory compliance requirements around the custody of digital assets.
The news also follows the company’s implementation of the seven new cryptocurrencies including Litecoin, Ether, Ripple, Royal Mint Gold and Bitcoin cash. Furthermore, the Bitgo also revealed its enterprise-grade Ethereum wallet which has seen a lot of growth and the company also added support for ERC-20 tokes.
The later custodial services also offer digital asset security for most of its institutional clientele. The custodial service will also compete against a product offered by Jameson Lopp, a former Bitgo employee. The former engineer of the company also plans to provide institutional grade security for crypto millionaires.
Mike Belshe, Bitgo’s CEO stated back in January that he believes that the new services will meet technology along with its security. Mike also added that Kingdom Trust and Bitgo are creating products for the future – marrying the latest technology with the controls and safety which all investors require. With the partnership between Bitgo and Kingdom Trust, both teams are expecting to flourish its services in no time.