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Goldman Sachs Invests Millions in Bitcoin Wallet Provider Bitgo

Sanmi Adeagbo | Oct. 19, 2018
Goldman Sachs Invests Millions in Bitcoin Wallet Provider Bitgo

After much requests from its high worth clients, Goldman Sachs Inc are investing in a crypto start-up together with Billionaire Mike Novogratz.

October 2018 | AtoZMarkets -Crypto wallet start-up,Bitgo Holdings Inc has said on Thursday that the firm is getting an endorsement worth millions from Goldman Sachs group Inc and Novogratz's Galaxy Digital ventures. Together, Goldman Sachs and Galaxy Digital contribute $15 million to Bitgo's series B fundraising which has brought total fund to $57.5 million

The Need for Digital Asset Custodians on Wallstreet

Large money managers on Wallstreet are required by U.S regulators to entrust client assets to a qualified custodian which were initially nonexistent for digital assets. This means that traditional firms couldn't hold digital assets because of their vulnerability to hackers and lack of custodial services. This has created business opportunities for start-ups like BitGo. With digital asset custodians like BitGo, more traditional firms are willing to stake in the Crypto asset class.

BitGo prides itself in security compliance and custodial solutions for blockchain-base currencies with more than 300 clients in more than 50 countries. The firm is used by hundreds of Crypto exchanges around the world and claims to make $15 billion in transactions monthly and $2 billion in assets.

BitGo To Raise $1 Trillion in Assets

With its association with wallstreet giants like Goldman Sachs, the company is said to target $1 trillion. BitGo co-founder and CEO, Mike Belshe explained in an interview about the need to conquer the fear of insecurity of digital assets for Cryptocurrencies to reach their full potential. He said:

''If you were investing in any other asset class, you are probably not worried about the asset disappearing- but this one, people still have that fear''

He discussed about the readiness of his firm to secure a trillion dollars:

''No one is better positioned than BitGo to serve institutional investors who want to trade Cryptocurrencies and digital assets. That's why we are focused on figuring out what it takes to secure a trillion dollars. the market's not there yet but our job is to be ready first''

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