crypto hardware wallet

BitGo In Collaboration With Goldman Sachs Launches Crypto Cold Storage

BitGo was launched in 2013 and according to reports raised funds of around $ 58.5 million in a Series B funding round in October 2018 with Goldman Sachs and Novogratz’ Galaxy Digital Ventures among the interested investors.

Mike Belshe, CEO of BitGo, said

“Since everyone is looking to maximise profits, some users are lured by firms not having a stable security system but which offer fast withdrawal of funds from cold storages, leading to loss of funds or breaches that are caused by hackers.”

On Jan.16, BitGo in a press release had announced the beginning of its partnership with Genesis Global Trading, a digital asset trading firm, who have a wallet of their own in BitGo’s cold storage.

Belshe also said:

“Our partnership with Genesis gives our clients access to liquidity through genesis’ robust network of trading partners.”

The cold crypto storage enables users to buy and sell assets that will be there in their wallets in no time, without having to worry about price fluctuations and uncertainty. As per reports, cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and ZCash would be the ones that BitGo’s cold storage service would be starting out with. This product is nice because it makes BitGo users feel a lot more secure. BitGo is also the recipient of the state trust company charter which allows it to operate as a qualified custodian for crypto-related activities, granted to the firm by the South Dakota Division of Banking in September 2018.