BitGo is a cryptocurrency custody specialist focused on institutional custody of digital assets. The firm supports backup of fragmented master keys and the use of hardware security modules (HSMs) to secure client holdings. Brink's has made a strategic investment in BitGo; financial terms were not disclosed. BitGo intends to leverage Brink's global secure logistics network and footprint of secure locations to support expansion into regions like Asia Pacific and EMEA. Company leaders say the partnership will bolster security protocols and locations and provide peace of mind to BitGo’s growing client base. Brink's prior work with Swiss custody firm Metaco in 2022 underscores its ongoing move into digital assets. BitGo offers wallet solutions and custody infrastructure focused exclusively on institutional clients. The company operates a qualified trust company (launched in 2018) and established a New York Trust in 2021, and has expanded into institutional-grade staking, DeFi, NFT and Web3 services. BitGo supplies the security and operational backbone for more than 1,500 institutional clients across 50 countries, including regulated entities, cryptocurrency exchanges, and customers such as Nike. Founded in 2013 and led by CEO Mike Belshe, the company intends to use new capital to pursue strategic acquisitions and further consolidate its global position. Financially, BitGo recently completed a $100M Series C at a $1.75 billion valuation. BitGo provides institutional investors with security, compliance and custodial solutions for blockchain-based currencies and is led by CEO Mike Belshe. The company is a large processor of on-chain bitcoin transactions, handling about 15% of global bitcoin transactions and roughly $15 billion per month across all cryptocurrencies. BitGo serves the world’s largest cryptocurrency exchanges and customers across more than 50 countries. It recently launched BitGo Trust Company, described as the first qualified custodian purpose-built for storing digital assets. The company intends to use the new funds to support development of its $1 trillion crypto wallet. BitGo is based in Palo Alto and also maintains offices in Sioux Falls, London, Singapore and Tokyo. BitGo provides a technology platform that enables custodial institutions and businesses to integrate digital currencies into existing financial systems. The company is led by CEO Mike Belshe and Chairman Bill Lee. BitGo processes more than $8 billion monthly and counts customers such as Kingdom Trust, CME Group and The Royal Mint. Kingdom Trust, a federally approved custodian, is cited as an example customer that uses BitGo to offer Bitcoin IRAs and custody services. The company intends to use new funding to accelerate enabling businesses to integrate digital currencies into their financial systems. BitGo is headquartered in Palo Alto, California. BitGo builds a web-based, multi-signature Bitcoin wallet that uses a 2-of-3 key model to reduce single-point-of-failure risk. Its wallet requires three keys — an online transactional key that lives in the browser, a backup offline key (vault or paper), and a third key retained by BitGo — to sign transactions. After creating the multi-signature wallet, BitGo has been branching out and calls itself a security-as-a-service platform for Bitcoin. On top of the consumer wallet it offers BitGo Enterprise, a multi-user, multi-signature product for corporations and financial institutions. The company recently raised $12 million in a Series A led by Redpoint Ventures and has attracted a broad group of investors. BitGo has recruited talent such as Ben Davenport (from Facebook Messenger) and faces well-funded competitors like Coinbase, Xapo, and Circle, who have each raised roughly $20M or more.

Total raised

$212M

Funding rounds

5

Latest round

Series C

Latest activity

Aug 2023