BitGo has entered retail after providing digital asset services to institutional clients for more than ten years.
BitGo is now aiming for retail customers after announcing recent forays into native tokens and stablecoins.
The company announced on December 2 that it is introducing a global version of its digital assets solutions for retail investors, which include wallet, trading, and staking services, much like crypto exchange platforms. Additionally, it’s regulated custody will be accessible to users via self-storage and cold storage.
BitGo, a California-based company, says it serves over 1,500 customers in more than 50 countries, including over 150 cryptocurrency exchanges and Nike. Several new players have entered the digital asset market to satisfy institutional investors’ demands, increasing competition for institutional clients in recent months. It has expanded its approach to engage retail customers after focusing on institutional clients since 2013.
“The retail cryptocurrency industry frequently faces issues with exchange reliability and a shortage of trustworthy custody options. By offering secure custody services, BitGo seeks to close this gap, a representative said.
By the end of 2024, it is predicted that there will be one billion cryptocurrency users globally.
Although the company has not revealed which nations and currencies these services are accessible in, it is rumored to have worked with several banks and institutions to combine cryptocurrency trading and off-exchange settlement.
After completing a $100 million Series C funding round from US and Asian investors, BitGo’s valuation reached $1.75 billion in August 2023. Prior backers include DRW Holdings, the investment bank Goldman Sachs, and Galaxy Digital Ventures, the company’s venture capital division.
BitGo declared in September that it would enter the stablecoin market with a future stablecoin based on the US dollar as part of another effort to diversify its company. Additionally, BitGo disclosed plans for a regulated platform for Web3 protocol native token management and custody. The platform will allow crypto-native firms to programmatically manage the distribution of native tokens to award recipients, employees, and investors, the company claims.
In the United States, BitGo is a custodian for Bitcoin exchange-traded funds (ETFs), offering cold storage to issuers like 21Shares, Hashdex, and Valkyrie.