BitGo, a cryptocurrency custodian founded in 2011, is now storing over $64 billion in cryptocurrencies under custody (AUC), the company said in a press release. The Palo Alto-based cryptocurrency custodian says its assets continue to grow as institutional interest is still enormous. In addition to hitting this milestone, BitGo has also appointed Cassandra Lentchner as President of BitGo Trust.
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The numbers come after Galaxy Digital, the crypto bank owned by Michael Novogratz, announced plans to acquire platform BitGo for $1.2 billion. The deal includes both shares and cash: $265 million in cash and the rest in 33.8 million newly issued shares of Novogratz's bank. The deal, which will result in BitGo shareholders owning about 10% of Galaxy Digital, could close by the end of this year.
Earlier this year, MetaMask, a software cryptocurrency wallet for interacting with the Ethereum blockchain, signed a partnership agreement between its institutional version — MetaMask Institutional (MMI) — BitGo, Qredo, and Cactus Custody. The partnership is expected to allow organizations to leverage custody solutions to interact with the decentralized finance (DeFi) space.
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