BitGo Trust to Provide Cryptocurrency Custody and Cold Storage Services for Genesis
It is reported that BitGo Trust, a cryptocurrency custody company, will provide qualified custody and cold storage services for assets held by institutional clients representing Ge
It is reported that BitGo Trust, a cryptocurrency custody company, will provide qualified custody and cold storage services for assets held by institutional clients representing Genesis. BitGo provides $250 million in insurance and holds SOC 1 Type 2 and SOC 2 Type 2 certifications, as well as compliance tools to measure the risks associated with technology solutions.
Genesis collaborates with BitGo Trust to develop agency hosted products
As institutional clients increasingly diversify their portfolios to include cryptocurrency, ensuring the safety and security of these digital assets has become more crucial than ever. That’s where BitGo Trust comes in. The widely-recognized cryptocurrency custody company recently announced it will provide qualified custody and cold storage services for assets held by institutional clients representing Genesis.
What is BitGo Trust?
BitGo is a digital asset security platform that offers institutional-grade cryptocurrency security solutions. These solutions include qualified custody, multi-signature wallets, and cold storage. BitGo Trust is a subsidiary of BitGo Inc., and it is regulated by the South Dakota Division of Banking. As an established leader in the cryptocurrency industry, BitGo has a proven track record of providing secure storage solutions for digital assets.
What are qualified custody and cold storage services?
Qualified custody services are financial services that involve the safekeeping of assets on behalf of clients. In the context of cryptocurrency, qualified custody services involve the storage of digital assets in secure, off-line environments. Cold storage, on the other hand, refers to the process of storing digital assets in an off-line environment that is not connected to the internet. This makes it virtually impossible for cybercriminals to access the assets.
What does this announcement mean for institutional clients?
The announcement by BitGo Trust means that institutional clients will be able to store their digital assets with greater peace of mind. BitGo Trust offers $250 million in insurance to protect against loss or theft, and it holds SOC 1 Type 2 and SOC 2 Type 2 certifications. The company also offers compliance tools to help institutional clients navigate the risks associated with cryptocurrency storage solutions.
Conclusion
BitGo Trust’s announcement of its provision of qualified custody and cold storage services for assets held by institutional clients representing Genesis is a significant development in the cryptocurrency industry. The company’s reputation for providing institutional-grade security solutions and its commitment to compliance make it an ideal partner for institutional clients looking to diversify their portfolios with cryptocurrency.
FAQs
Q1. What is BitGo Trust?
BitGo Trust is a subsidiary of BitGo Inc. that provides institutional-grade cryptocurrency security solutions.
Q2. What are qualified custody and cold storage services?
Qualified custody services involve the safekeeping of assets on behalf of clients, while cold storage refers to the storage of digital assets in an offline environment.
Q3. What protections does BitGo Trust offer?
BitGo Trust offers $250 million in insurance and holds SOC 1 Type 2 and SOC 2 Type 2 certifications to protect against loss or theft. It also offers compliance tools to help institutional clients address the risks associated with cryptocurrency storage solutions.
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