BitGo Acquires $12 Billion Asset Custodian Kingdom Trust | Alluma

[Dev123]

BitGo, the blockchain security firm, announced that it has entered into an agreement to acquire Bitcoin custodian Kingdom Trust, a South Dakota-chartered, fully regulated trust company with over $12 billion in assets under custody. Based in Murray, Kentucky, Kingdom Trust is among the few firms qualified to safeguard Bitcoin for institutional investors.

The announcement about the acquisition is still subject to regulatory approvals. This deal comes on the heels of BitGo’s $43 million Series B funding round which concluded in November 2017.

Products for the Future
CCN reports:

“Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios,” said Mike Belshe, CEO of BitGo. BitGo and Kingdom are building products for the future – marrying the new technology with the safety and controls all investors require.”

Further, Belshe told CoinDesk:

"That wall of institutional money cannot hit until that custodianship is met, and this is the first custodian for U.S. folks," he said. "Going forward, as a new time of investors in crypto comes along — which is asset managers and hedge funds — they don't have the technical depth. They have other skills, and we want to bridge that."

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