BitGo, a United States-based firm that handles about 20% of all Bitcoin (BTC) transactions, is introducing BitGo Prime, a new entity specifically for institutional trading services. On May 27, BitGo said that the new prime broker platform will incorporate multiple services targeting institutional investors. After launching an institutional-level crypto lending service in March 2020, the new full-service platform integrates institutional crypto lending, trading and custody services. BitGo focuses on institutional investors Apart from the recent launch of institutional crypto lending services, BitGo has been actively working with institutional traders. Nick Carmi, head of financial services at BitGo and the newly …

Cryptocurrency custodian BitGo will provide its services to Indian exchange CoinDCX, offering secure storage and partial insurance for assets traded on the platform. BitGo — a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions — provides an insurance policy covering up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace. CoinDCX apparently already began transferring its assets to BitGo’s wallets last week. With BitGo Custody, all cryptocurrencies on CoinDCX will be secured in omnibus and segregated hot and cold wallets with two-factor authentication for all …

The Litecoin Foundation announced that it will migrate from the multi-sig Electrum-LTC wallet to BitGo’s multi-sig wallet. According to a May 7 post on the company’s website, the move is due to BitGo’s wallet providing “greater convenience and nearly the same level of security.” The old Electrum-LTC addresses will be available online for one month, with the new BitGo wallets addressed to be published soon. The price of Litecoin (LTC) rose 5% following the announcement, but experienced a similar downturn as Bitcoin (BTC) during the halving dump on May 9. Starting Mimblewimble testing Litecoin recently posted a progress update on …

BitGo, a company previously known for its custody business, is purchasing Lumina, an integrated tax service for institutional traders. The deal is part of BitGo’s year-long strategy to diversify its crypto business. The deal, whose value remains undisclosed, was announced by BitGo on April 16. Lumina had raised $4 million in seed funding in 2018. The startup will be fully integrated into BitGo’s current product offerings, with its team being absorbed as well. Lumina’s former chief executive, Chen Fang, will now act as the chief product officer at BitGo. Lumina provided two different tools for institutional clients, named Lumina Portfolio …

Civic Wallet is a multi-signature non-custodial wallet that now comes with a $1,000,000 guarantee from Coincover. Civic Technologies (CVC) has been known in the crypto space as one of the leading providers of decentralized identity and is now purportedly the first company to offer a non-custodial wallet with $1,000,000 protection. The wallet is currently in private beta. Speaking to Cointelegraph, Civic co-founder and CEO, Vinny Lingham compared its key feature to the protection offered by the Federal Deposit Insurance Corporation (FDIC): “This is the first time that both technical and non-technical users can feel safe about their holdings. Until now, …

Similar to a bank account for fiat currency, a crypto wallet is a personal interface for a cryptocurrency network that provides reliable storage and enables transactions. Whether a cryptocurrency is securely stored or not, much depends on the wallet, which is only as secure as its private keys. Wallets are generally either hot or cold. The funds in a hot wallet can be spent at any time, online. A cold wallet functions in contrast: not intended for regular cryptocurrency transactions, but funds can be received at any time. Wallets can also be divided into three groups: software, hardware and paper. …

While Singapore recently adopted specific cryptocurrency legislation — the Payment Services Act (PSA) — in January 2020, it turns out that some crypto firms like Ripple, Coinbase and Binance have been exempt from the law since the beginning of the year. The Monetary Authority of Singapore (MAS), the country’s central bank and major financial regulatory authority, exempted a number of major payment services from holding a financial license under the PSA. According to a statement released on March 24, the listed companies are allowed to continue to provide specific payment services without holding a PSA license for a limited period …

As the cryptocurrency lending industry continues to grow, another major crypto company is getting into the business. BitGo, a crypto firm that claims to handle over 20% of all Bitcoin (BTC) transactions, is launching an institutional-level crypto lending service on March 5. The debut of BitGo’s lending feature comes after a several-month-long private beta test. A service similar to traditional lending business Nick Carmi, the head of financial services at BitGo, emphasized that the new crypto lending product was developed with the goal of creating a lending business that is similar to lending services in the traditional financial markets. The …

Digital asset custodial company BitGo recently unveiled its purchase of Harbor, an online platform for digitized securities. “Our vision has always been bigger than wallets and custody,” BitGo CEO Mike Belshe said in a Feb. 18 statement provided to Cointelegraph. “Acquiring Harbor furthers BitGo’s vision of building a new digital infrastructure for financial services.” Harbor’s website is also promoting the acquisition in a banner at the top of its homepage. BitGo’s acquisition includes several others Picking up Harbor also means BitGo gains control of the platform’s daughter companies, which include brokerages and transfer entities. BitGo also recently gained control of …

Major digital asset financial services firm BitGo is expanding its global reach by setting up two new regulated custodial entities in Europe. BitGo, a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions, has established new custodial subsidiaries in Switzerland and Germany, the company announced Feb. 10. As the two new entities are regulated by different financial authorities, BitGo intends to allow its clients to choose the jurisdiction that is best suited to their business. As such, BitGo GmbH, the Swiss entity of BitGo, is a member of the country’s major self-regulatory organization, the Financial …

If the crypto sector is to attract more institutional investors, it will need to provide more insurance solutions. This point was driven home anew with the recent news that the Gemini crypto exchange has launched a captive insurance company, Nakamoto Ltd., to insure its Gemini Custody business for up to $200 million — reportedly the largest amount for any crypto custody service in the world. This new insurer will help Gemini’s institutional clients to meet their regulatory requirements, Gemini’s head of risk, Yusuf Hussain, explained to Cointelegraph in a Jan. 16 story, and this “is consistent with Gemini’s approach of …

Digital currency management company BitGo has told users to move or convert funds they hold in altcoin Bitcoin SV (BSV) due to a compatibility problem. In a blog post on Dec. 18, BitGo said BSV’s upcoming hard fork, known as Genesis, contained a protocol change which would mean its wallets will be unable to receive transactions. BitGo warns of BSV “deprecation” The hard fork is set to occur in February 2020. After that time, BitGo users will only be able to spend remaining BSV tokens, not accept incoming transactions. Describing the event as “deprecation,” the company advised users to move …