This weekend, the leading cryptocurrency security platform, Bitgo, announced the release of custody storage solutions for institutional investors. The new custody program aims to offer a multi-level set for the security of digital assets in partnership with the Kingdom Trust firm.
Bitgo, based in Palo Alto, now offers custody services to institutional investors due to a partnership with Kingdom Trust. The news follows the recent announcements of the Wall Street giant, Goldman Sachs, by launching a cryptocurrency product, and companies like Coinbase that offer services to the institutional clientele. The latest institutional grade suite offered by Bitgo and Kingdom Trust provides custodial services such as treasury controls, advanced security solutions and monitoring 24 hours a day, 7 days a week.
Multilevel services for new custody products include self-managed custody, institutional custody with multi-sig wallet and Bitgo’s offline vault. The cash register stores the keys offline and, when tied to a multi-signature wallet, can be programmed to require co-signers.
“Secure your digital assets in a multi-signature vault with no connection in minutes: an offline vault generates and stores private wallet keys on a clean computer with air space,” explains Bitgo’s offline storage white paper.
To safely spend funds from a wallet offline, you can sign transactions with your private keys offline using Bitgo Offline Vault: this means that your private keys are never online or linked to a computer connected to the Internet.
The company’s website detailing the new custody services says that the products are more solid due to the partnership with Kingdom Trust. The services will be supported by people with experience in digital asset solutions, while complying with regulatory compliance requirements related to the custody of digital assets. The news follows the implementation of seven new cryptocurrencies of the company, including Bitcoin Cash, Litecoin, Ether, Ripple and Royal Mint Gold. In addition, Bitgo revealed that its Ethereum business-grade wallet has experienced strong growth and on April 17 Bitgo added support for ERC-20 tokens.
The latest Bitgo escrow services that offer digital asset security for institutional clients will also compete against a product offered by a former Bitgo employee, Jameson Lopp. The former Bitgo engineer will also provide institutional-level security for cryptocurrency millionaires. The firm Casa also aims to serve the crypto-rich. It was launched six months ago and raised $ 2.1Mn USD from groups such as Boost VC and Compound. Bitgo’s CEO, Mike Belshe, declared in January when the company acquired Kingdom Trust that believes Bitgo’s new services combine technology with security.
“Bitgo and Kingdom are building products for the future, combining the new technology with the security and controls that all investors require,” Belshe explained at the time.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest