BitGo has been chosen to provide custodial services for the largest exchange in Europe by turnover.
He announced on Wednesday, Bitstamp will begin transferring its assets under management portfolio on 10 October BitGo Both companies declined to disclose the total amount and types of assets be managed.
BitGo used bank deposits grade Class III for cold storage and has contracted an insurance policy $ 100 million by Lloyd’s of London, covering theft or loss of cryptographic keys. A company representative said BitGo has more than 300 customers in its custody and trust.
“We have considered all the options available, but we BitGo is a good match, because we see them as a pioneer in the industry and an essential piece of crypto ecosystem,” said a representative BitStamp CoinDesk. “That said, we intend to diversify our options custody in the future in order to meet the diverse needs of our diverse customer base.”
Companies have a legacy of working with each other. Bitstamp began using hot BitGo portfolio “for years,” the spokesman said.
Bitstamp is one of the oldest cryptocurrency exchanges. Last year, the company partnered with Stockholm-based Cinnober to engine overhaul signature matching, enabling Bitstamp to act as a clearing house “de facto“. The company was also granted a State Department BitLicense New York Financial Services (NYSDFS) in April and will seek to expand its team based in New York.
Mike Belshe, BitGo CEO, said:
“Institutions need a lot more than an app with pretty charts. They need proper security, which includes technology, people, and processes, and they need exceptional client service. We’re proud to have earned Bitstamp’s trust and their business.”
BitGo CEO Mike Belshe image via CoinDesk archives