Custodian BitGo Onboards New Stablecoins For Institutional Clients

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Crypto custodian BitGo has announced support for a raft of new digital assets, the latest expansion of its service as the firm continues to broaden its appeal to institutional investors.

The influx of new assets takes the total support by the service to 101, providing would-be institutional investors with a wide range of cryptocurrencies to choose from.

Among the recent additions were the Circle USD (USDC) and the Gemini dollar (GUSD), the stablecoin founded by the Winklevoss brothers. Both of these digital assets have been designed to keep parity with the USD, as a means of delivering the functionality of cryptocurrencies like bitcoin without the associated price volatility.

It comes at a time of increasing interest in the cryptocurrency space from institutional investors, as companies like BitGo strive to make their offering as attractive as possible.

In particular, cryptocurrency custody is regarded as an essential service for regulated investors, providing quality and secure storage of client funds.

Isaac Eleftheriadis, senior technical product manager at BitGo, said institutional investors were looking for a single service to meet all of their cryptocurrency needs.

“When investors are looking for a place to custody their funds, they are looking for a one-stop shop, a place to store all their crypto assets ... Certainly, we are going to continue adding more coins and tokens.”

BitGo has been expanding rapidly in recent months, having doubled staffing to more than 100 employees over the course of this year. The new assets compound the growth that has seen them expand from supporting eight digital assets to over 100 in the same timescale.

Marketing vice-president Clarissa Horowitz said this was part of reshaping BitGo’s focus on the emerging and growing demand from institutional crypto investors.

“In 2018, we’ve been making a transition from being a technology company to a financial services company. ... This effort to support a really, really broad array of coins and tokens, in order to accommodate these new institutional investors coming in, is absolutely part of that focus.”

Founded in 2013, Palo Alto-based BitGo provides multi-signature security, dividing private keys between several different parties to deliver enterprise-grade security.