Crypto Has an Unrealized Opportunity in Asia
A view of the harbor in Hong Kong, which is positioning itself as a crypto hub through favorable regulation. (Ruslan Bardash/Unsplash)
Binary trading platforms with better performance and payouts
BitGo
A view of the harbor in Hong Kong, which is positioning itself as a crypto hub through favorable regulation. (Ruslan Bardash/Unsplash)
The digital asset investment firm has become the first of the ETF providers to diversify custody of its coins by tapping BitGo’s expertise in addition to Coinbase.
Crypto custodian BitGo has been granted in-principle approval to operate as a Major Payment Institution (MPI) in Singapore.
The race to provide a key bit of infrastructure for bitcoin [BTC] ETFs – custody services – hasn’t actually been much of a race so far. Crypto exchange Coinbase has dominated so far, winning the job from the majority of applications from the likes of BlackRock, WisdomTree and Valkyrie.
BitGo CEO Mike Belshe said it’s “quite likely” the Securities and Exchange Commission (SEC) will reject a series of spot bitcoin ETF applications despite industrywide optimism.
The network effect of BitGo’s cold storage settlement system and Copper’s ClearLoop comprises exchanges like Bybit, OKX, Powertrade, Bitget, Gate.io, Deribit, BIT, Bitfinex, and Bitstamp.
Onramp is harnessing multisig security, in which multiple custodians control the private keys to the bitcoin being held, tapping BitGo to perform this role alongside Coincover and Kingdom Trust.
“It’s important to us to build a custodian without the risks of securing many altcoins within the same trust company as bitcoin,” Cory Klippsten, CEO of Swan, said.
If a financial giant can’t navigate the red tape, who can?
Prime Trust CEO Tom Pageler. (Prime Trust)