BitGo custody solution for Wall street

[The CC Forums]

Per the other thread about Wall Street trying to move into crypto markets, there is now a custody solution for them to directly own currencies. That had been one of the stumbling blocks according to the summary we posted a few days ago.

BitGo Courts Wall Street With New Bitcoin Custody Products - CoinDesk

They currently support 20 currencies and expect to add more in 2018.


“BitGo is offering a custody solution for forms that want to get involved in crypto.

Big Wall Street firms now have new options for storing bitcoin.

Announced Sunday, Palo Alto-based startup BitGo has unveiled a new suite of custodial services aimed at institutional investors who may be eying the market with interest.

The product launch notably builds on BitGo's move to buy Kingdom Trust, a US qualified custodian of traditional financial assets, in January. But while that acquisition is still awaiting regulatory approval, that isn't stopping BitGo from bolstering its offerings.”

 

[Old Man Crypto]

Market keeps taking steps towards mainstream adoption. At some point we need a price rally from these good news stories though. It will take a couple of big firms announcing that they now own bitcoin for themselves.

That would do it.

 

[The CC Forums]

I don’t want to reprint their whole article here. That isn’t how we work really. But this is pretty exciting and I’m too tired to write it up tonight as an original story. Here’s a little more.

“Wall Street ambitions
Overall, the announcement also serves to potentially recast BitGo as a rare cryptocurrency startup ready to appeal to those seeking to do business on Wall Street.

Propelled by announcements such as Goldman Sachs' coming launch of a dedicated crypto trading desk, others are entering the market. Still, investment in security and custody has arguably lagged over the years, as evidenced by the fact that there are only a handful of such providers today.

Among them are Ledger and Coinbase, two companies that have also sought to raise big funding rounds to serve custody products to an institutional clientele.

However, as Olsen indicated, the nascent state of the market today means that all entrants are competing against the sometimes negative perception of the technology.”

 

[CryptoTC]

Yes. Big news. I just saw it elsewhere and wondered if you guys knew about it. I see you also posted it in the big firms move into crypto thread.

Important according to Brian Kelly for institutional investors to have custody solutions. I think more than one of these will pop up.

Exciting times. I’m in the record as expecting a summer run. It would need to start soon.