Fun

‘Unprecedented’ Institutional Demand for Bitcoin: Bitgo’s Custodied Assets Top $16 Billion, No Paypal Deal

News Feed - 2020-12-27 02:12:10

"Unprecedented" Institutional Demand for Bitcoin: Bitgo"s Custodied Assets Top $16 Billion, No Paypal Deal


Bitgo’s assets under custody have surpassed $16 billion. The company says it is seeing “unprecedented interest from institutional investors,” resulting from the economic impact of the coronavirus pandemic and the recent bitcoin bull run. Paypal was also rumored to be in acquisition talks with the company. $16 Billion in Cryptocurrencies Under Custody


Bitgo announced Wednesday that it has hit a new milestone of more than $16 billion in digital assets under custody. The company noted that the achievement further validates institutional investor interest in cryptocurrency, elaborating: As institutional interest in cryptocurrencies continues to surge, top investors are seeking institutional-grade security and financial infrastructure for custody, trading and lending of their digital assets.


Bitgo detailed that it currently accounts for more than 20% of all on-chain Bitcoin transactions, processing over $15 billion in monthly volume and supporting over 300 coins and tokens. The company is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Drw, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. Bitgo says it has over 400 clients spanning 50 countries, including Bitstamp, Nexo, and Pantera.


Once a simple cryptocurrency wallet provider, Bitgo has expanded its business into providing crypto financial services — including liquidity, custody, and security solutions — to institutional investors. In 2018, the company launched its custody service, Bitgo Trust Company. This year, it launched Prime Trading and Lending as well as Portfolio and Tax services.



Bitgo CEO Mike Belshe commented that his company “set out to deliver trust and pave the way for mainstream investment in digital assets,” adding: We’re seeing unprecedented interest from institutional investors as a result of the pandemic’s economic impact, as well as bitcoin’s extraordinary performance.


In October, payments giant Paypal was rumored to be in talks to acquire Bitgo. However, according to a source cited by Fortune, that deal has fallen through and Paypal is now considering other companies in the crypto space.


What do you think about Bitgo having $16 billion in digital assets under custody? Let us know in the comments section below. Major Producer Nornickel Issues Its First Metal Contract-Backed Digital Coins Visa Grants Principal Membership to Crypto Payments Platform Wirex Tags in this story asset under custody, assets under management, Bitcoin demand, bitgo bitcoin, bitgo btc, bitgo paypal, BTC, institutional demand, Institutional Interest, institutional investors


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia
Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house
Biggest Movers: XMR, DOT Move Higher, Rebounding From Recent Declines
Biggest Movers: XMR, DOT Move Higher, Rebounding From Recent Declines Monero rebounded from recent losses on Tuesday, as the token attempted to recapture recent highs. The move com
Ezra Reguerra5 hours agoArt, history and Bruce Lee in the metaverse, food brands use NFTs: Nifty NewsletterNFT company Yuga Labs is set to acquire a metaverse-building startup to advance its Otherside metaverse project.7
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services The Union Bank of the Philippines, Inc., more commonly known as Unionbank, announced th
Tezro – the Revolutionary Cryptocurrency Payment System Establishing New Standards in the Blockchain Community
Tezro - the Revolutionary Cryptocurrency Payment System Establishing New Standards in the Blockchain Community press release PRESS RELEASE.PARIS, FRANCE / NOVEMBER 7th 2022 /Tezro&#
Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K
Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the
Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings
Russia Proposes Harsh Penalties for Unreported Cryptocurrency HoldingsRussia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their
Jesse Coghlan8 hours agoSEC seeks to question Terraform Labs co-founder Daniel Shin in KoreaThe Securities and Exchange Commission wants to question Daniel Shin on Do Kwon and Chai Corporation’s relationship with Terra
Arizona crypto PAC-backed candidate ekes out narrow victory after recount
Turner Wright2 hours agoArizona crypto PAC-backed candidate ekes out narrow victory after recountDemocratic candidate Yassamin Ansari, supported by more than $1 million in crypto super PAC funds, claimed victory in an Ar
Vittoria Benzine10 hours agoAI opens doors for NFT artist Ellie Pritts at Bitforms gallery in NYCArtificial intelligence and analog technology collaborate across the imaginative animations of noted Los Angeles-based NFT
Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study
Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study As of November 2022, Kenyan fintechs accounted for 30.2% or 93 out of the 308 tracked tech startup
Gareth Jenkinson13 hours agoUS crypto regulatory uncertainty could be Hong Kong’s gain — Yat SiuAnimoca Brands founder Yat Siu believes Hong Kong’s efforts to foster the Web3 ecosystem are in stark contrast to regu