Bitgo
Basics
- Founded in 2013
- Owned by Galaxy Digital.
- Bitcoin / Blockchain Security, Platform API & Hot Wallet service
- Based in Palo Alto, BitGo launched the first ever multi-signature Bitcoin wallet in 2013
- Has a web interface, no mobile or desktop app, is a centralised wallet
- Their custodian service added Dash on 5-10-2018
- Not very newbie friendly
- Free
- SegWit ready
- is releasing an ERC20 stablecoin that is pegged to the value of Bitcoin, Wrapped Bitcoin (WBTC); the Ethereum based coin will be backed by 1WBTC:1BTC peg; every Bitcoin will be accounted for on a dashboard displaying addresses and balances, and users will be able to verify each Bitcoin held in custody on the blockchain via Etherscan. UPDATE is live as of 5-2-2019
- Has announced it is teaming up with Genesis to launch a trading platform for their institutional investors; BitGo has a distinct feature over other exchanges as BitGo users will not have to transfer cryptocurrency to exchanges before trading; Genesis has established its on wallet on BitGo, allowing for seamless transfer of cryptocurrency and fiat between the two companies
- Bitgo added support for cTokens; now, users can earn interest from the Compound protocol while their balance is stored at one of world’s most trusted custodians.
- BitGo says it’s now (12-11-2019) processing 20% of Bitcoin transactions.
- Has acquired (18-2-2020) Harbor; "a security token platform best known for a failed bid to offer tokenized shares of a South Carolina apartment building."
- Also does lending; according to CoinDesk (5-3-2020):
"BitGo started testing the new service a few months ago to big investors and has already racked up about $150 million in open loans. BitGo is currently lending bitcoin (BTC), ether (ETH), litecoin (LTC) and stablecoins."
- From the CoinDesk 50:
"“BitGo’s vision is a world where digital assets drive the global economy,” CEO Mike Belshe told CoinDesk. The firm provides custody and liquidity solutions for a number of institutional companies. This past year the firm has expanded both globally as well as in mission through its acquisitions of Lumina, Hedge and Harbor, through which the firm has earned the title of crypto’s first “full stack” service provider, enabling it to recreate all parts of the traditional financial system."
Team, investors, partnerships etc.
Team
- Belshe, Mike; CE & Founder
- Davenport, Ben; co-founder & CTO
- Pierce, Brock
- Arik Sosman; alum
- Gavin McDermott; former engineer
- Ben Chan; former CTO, now (16-10-2020) works at Chainlink.
- Ankr claims (11-11-2020) that some of its team members come from here (among other big companies)
Funding
- Silbert, Barry; through Digital Currency Group
- Blockchain Capital, investor
- BitFury Capital, investor
- DCG, invested
- Combined, Goldman Sachs and Novogratz’s Galaxy Digital Ventures contributed about $15 million to BitGo’s Series B fundraising, which brought in a total of $57.5 million. Update: got bought by Galaxy (5-5-2021).
- BitGo has gathered a total of about $70 million in fundraising rounds. The company says it provides services for more than 75 coins and tokens, and that it holds more than $2 billion in assets.
- From Decrypt (23-4-2021):
"BitGo has won a $4.5 million contract with the US Marshals Service to help manage seized Bitcoin."
Partnerships
- Is a sponsor of Coin Center
- As of 7-2019 on the partner & clients list of ZeppelinOS.
- Will help Civic launch their wallet in the fall of 2019
- Partners with Securitize
- Partner with Nexo (who is also partners with Securitize)
- Partner of Swipe, according to it's website (10-4-2020)
- Bitstamp outsourced custody to BitGo
