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    Tag: Belshe

    crypto 5 27 2020 LearnCrypto Powered By Wyckoff SMI 2023

    Crypto Custodian BitGo Joins Race to Provide Prime Brokerage Services

    The services will be offered by BitGo Prime, a new entity that will be headed by Nick Carmi, BitGo’s head of financial services. Carmi joined the…

    Karrie Butterfield May 27, 2020
    0 Comments
    Fidelity 10 22 2018 LearnCrypto Powered By Wyckoff SMI 2023

    Experts: Fidelity Could Single-Handedly Solidify Crypto as New Asset Class

    On October 15, Fidelity, the world’s fourth largest asset manager with $7.2 billion assets under management, launched its crypto custody arm. At the time, Fidelity CEO Abigail…

    Karrie Butterfield October 22, 2018
    0 Comments
    crypto 10 18 2018 2 LearnCrypto Powered By Wyckoff SMI 2023

    Goldman Sachs Investing in Crypto Custodian BitGo

    Goldman Sachs and Mike Novogratz’ venture capital fund Galaxy Digital Ventures are investing in crypto custody solution provider BitGo Holdings. Here is how BitGo, which calls itself…

    Karrie Butterfield October 18, 2018
    0 Comments
    Goldman Sachs Investing in Crypto Custodian BitGo

    Forum Description

    Goldman Sachs and Mike Novogratz' venture capital fund Galaxy Digital Ventures are investing in crypto custody solution provider BitGo Holdings. Here is how BitGo, which calls itself "the market leader in institutional-grade cryptocurrency security", announced the news on Twitter:
    BitGo@BitGo

    Proud to have @GoldmanSachs and #GalaxyDigital on our side: Goldman and billionaire Mike Novogratz are investing in cryptocurrency custodian BitGo https://www.bloomberg.com/news/articles/2018-10-18/goldman-wades-deeper-in-crypto-betting-on-bitgo-with-novogratz … … via @technology

    08:53 - 18 Oct 2018

    Goldman Wades Deeper in Crypto, Betting on BitGo With Billionaire Mike Novogratz

    Goldman Sachs Group Inc. and a venture founded by one of its former partners, billionaire Mike Novogratz, are investing in cryptocurrency custodian BitGo Holdings Inc., as the bank’s deep-pocketed...

    bloomberg.com
    And Mike Novogratz, the founder of Galaxy Digital, made the following tweet (note the #theherdiscoming hashtag, which refers to the flow of institutional money into crypto):
    Michael Novogratz
    ✔@novogratz

    More institutional architecture. Excited to partner with @BitGo and @GoldmanSachs #theherdiscoming

    Bloomberg Crypto
    ✔@crypto

    EXCLUSIVE: Goldman Sachs and billionaire @novogratz are investing in crypto custodian BitGo https://bloom.bg/2yJmUTL 

    07:55 - 18 Oct 2018
    According to BitGo's press release, today, BitGo had the second close of its Series B funding round. The new investors, Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures LLC, a VC firm founded by Michael Novogratz (a former partner at Goldman Sachs) are joining Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures. The total amount raised in this round was $58.5 million. This funding will help to support BitGo’s research and development. Mike Belshe, CEO of BitGo, said:
    “This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position. No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That’s why we’re focused on figuring out what it takes to secure a trillion dollars. The market’s not there yet but our job is to be ready first."
    Rana Yared, a Managing Director of Goldman Sachs’ Principal Strategic Investments group, stated:
    “Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.”
    And Michael Novogratz, Founder of Galaxy Digital Ventures LLC, had this to say:
    “Institutional investors are gradually realizing that digital assets are going to be a game changer, and they want to participate. We have been impressed with BitGo’s world class team, their deep technical understanding of digital assets as well as their ability to deliver institutional-quality products to investors. Our team is excited to support BitGo as it enters into this next phase of growth.”
    On 13 September 2018, as covered by CryptoGlobe, BitGo announced that it had become a "qualified custodian" by obtaining a South Dakota trust charter, which made it even more attractive to institutional investors. BitGo's "BitGo Custody" solution for institutional investors offers:
    • 100% cold storage technology in bank-grade Class III vaults;
    • Support for storage of over 75 tokens and coins;
    • Institutional-grade policy controls (such as multiple signatures and spending limits);
    • Multi-user accounts; and
    • Most importantly, regulatory compliance (since BitGo Trust Company is a qualified custodian)
    BitGo is the largest processor of on-chain bitcoin transactions, with 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies; it supports more than 95 coins and tokens; it holds more than $2 billion in assets in custody; and it is used by hundreds of exchanges across more than 50 countries. Featured Image Courtesy of BitGo
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