BitGo, a Palo Alto-funded initiative, announced this Sunday its new service model that hopefully benefit institutional investors. Wall Street’s attention is drawn to the service which is designed to store and protect cryptocurrencies, especially Bitcoin (Bitcoin).
In the interview to Coindesk, Head of Product Development Tracy Olsen underlined:
"We're definitely seeing a lot of bigger names interested in digital currencies. But there are other customers like smaller hedge funds, they just don't want to have to hold custody themselves. They're looking to have the security and compliance and storage solutions that they can outsource to, and that's what BitGo is really delivering."
Earlier this January BitGo, bought Kingdom Trust, a licensed company providing similar services.
Bitgo will offer three tiers of services:
- Storage and Security via Kingdom Trust
- Managing Wallets
- Self-Managing
Variety of the services are expected to draw clients from different risk-tolerance levels. Bitgo currently offers solutions for 20 cryptocurrencies but aims to raise this number during the year.
By Nadya Astam