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by David on March 5, 2020

Crypto Lending Market Grows As BitGo Enters With New Services

On Tuesday, we received news from Bitgo, announcing that they would now be offering digital asset lending services to institutional clients. It took months of closed beta to guarantee a smooth offering, but the US-based company has finally rolled out the full lending services.

What Is BitGo?

BitGo is a digital asset trust and security company, founded in 2013 with the goal of changing the way the financial system works. BitGo finds digital assets very exciting investment vehicles and provides services and solutions that investors can trust. They eliminate risk and increase transparency by providing more secure and compliant custodial and liquidity solutions.

Mike Belshe, founder and CEO of BitGo, commented on the new services by saying that BitGo had built a reputation for leading the industry towards innovation, security and client service and would now be extending this expertise to BitGo Lending.

With their lending service, they are combining the best of Wall Stree’s understanding of working with institutional investors, and the best of Silicon Valley’s technology and innovation.

Their goal was to build a lending business that was similar to lending business in the traditional financial markets.

The Past of BitGo

The firm has been making significant advances for quite some time now. Just last month, BitGo acquired Harbor, a digital securities platform, alongside its broker-dealer and transfer agent subsidiaries.

Additionally, Bitgo entered Europe with two local subsidiaries in Germany and Switzerland, following the rolling out of trading services directly from the vault-stored funds.

Nick Carmi, head of financial services of BitGo, stated that they were not interested in high-volume, low-margin business. But rather building deep relationships with their clients to drive value to them and create a long term, sustainable business

The Future of BitGo

First things first, the company expects to offer its services to clients from all over the world and aren’t expecting any restrictions in this matter. However, with that said, they still advise their clients to check their local regulations before conducting business.

Moreover, BitGo will be starting with Bitcoin only but plans to add other major digital currencies, stablecoins and fiat at a rapid pace. As of currently, the company’s lending service is supposedly able to support over 15 different coins.

By David

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