American startup BitGo has introduced a new package of services for keeping funds in bitcoin, addressed to institutional investors.
The product launch is largely associated with the acquisition of the American company Kingdom Trust, specializing in the storage of traditional financial assets. Note, purchase is still not approved by the regulator, but that didn’t stop BitGo planning to actively integrate into the development of the company.
In particular, as stated by Tracy Olsen (Tracy Olsen), supervising the product line of the company, the product launch, which will share services BitGo on three levels will make the company a provider of a full range of services related to securities, resulting in greater coverage of customers, from individual consumers to the level of institutional customers.
“We definitely see a lot of famous companies among those interested in digital currencies. But there are other consumers, such as smaller hedge funds, they just don’t want to have to be stored themselves. They are in search of ready-made solutions in the areas of security, compliance and storage, and this is something that offers BitGo,” said Tracy Olsen.
Three new services include the “efficient storage”, which implies safe storage practices through Kingdom Trust; “institutional storage” solution that allows customers to manage the wallets connected to the Internet and disconnected from it; as well as self-storage. According to the representative of BitGo, together, these proposals represent a comprehensive set of services that can meet the demands of all clients: those who want to install the wallets and manage them independently and clients preferring to work with the organization, managing complex cryptographic keys needed to access funds.
“Our services are really aimed at different market segments. On the market there is a demand for all three solutions,” said Olsen.
The company does not plan to disclose the total amount of assets held in custody, but according to Tracy Olsen, 15% bitchology transactions already carried out with the use of the service of the company.
BitGo, originally worked only with bitcoin, currently offering storage services for over 20 cryptocurrency and “definitely” going to increase that number in 2018.
“We see great demand for a wide range of all coin from customers. We evaluate each to determine viability in the market and then consider them as a priority,” — said the representative of the company.
It is worth noting the expansion of the list of cryptocurrencies, which carries out BitGo, coincided with a sharp increase in the number of cryptocurrency hedge funds, wallets and providers of exchange services.
According to Tracy Olsen, interest institutional companies, and increasingly large, follows this trend: many of them show interest in a variety of cryptocurrencies, even though the “reputation” of assets, which may be associated with the “underworld”.
“They consider them to be a compelling asset class and want to diversify their portfolios, adding Ethereum, Ripple and other digital currencies,” said Olsen.
BitGo, is one of the rare startups that are ready to provide solutions to such major players as companies with Wall Street.
So, today in the field of storage scriptaction successfully working only a few organizations, including the Ledger and Coinbase. However, the growth of interest of companies in similar products, they become more.
We will remind, in January it became known that Coinbase will cooperate with the company Trading Technologies, is a global provider of institutional trading platform.
In addition, recently, plans to start trading futures bitcoin has announced an investment giant Goldman Sachs, who was always cautious in his statements about cryptocurrencies.