June 25, 2024

BitGo began providing castodial services to the cryptocurrency exchange Bitstamp

BitGo has begun providing custodial services for Europe's largest cryptocurrency exchange, Bitstamp.

This week Bitstamp announced that it will begintransfer your assets to BitGo wallets on October 10. However, both companies refused to disclose the total amount and types of assets coming under the management of BitGo.

In addition, BitGo has entered into an insurance contractassets worth $100 million through Lloyd's of London, covering protection against theft or loss of cryptographic keys. A company representative noted that BitGo has more than 300 clients using custody and trust services.

“We reviewed all available options and considerthat BitGo suits us because it is a pioneer in the industry and an integral part of the cryptocurrency ecosystem. However, we plan to diversify our storage options in the future to meet the diverse needs of our diverse client base, ”said a Bitstamp spokeswoman.

He also noted that the company began using the hot BitGo wallet “many years ago.” BitGo CEO Mike Belshe said:

“Institutional clients need much morethan an application with beautiful graphics. They need proper security, which includes technology, people and processes, and they require exceptional customer service. We are proud to have earned the trust of Bitstamp. ”

Bitstamp is one of the oldest cryptocurrency exchanges. In April, the firm received a BitLicense from the New York State Department of Financial Services (NYSDFS) and plans to expand its team in New York.