BitGo is a pioneering entity in the digital asset economy, offering a wide range of services to investors and developers in the cryptocurrency space. Established in 2013, BitGo has been at the forefront of digital asset security, custody, and liquidity, serving a global clientele.
Overview
BitGo is a financial services company headquartered in Palo Alto, California. Founded in 2013 by Ben Davenport, Mike Belshe, and Will O’Brien, the company has been instrumental in shaping the digital asset landscape. BitGo’s primary focus is on providing clients with security, custody, and liquidity solutions for their digital assets.
Services and Offerings
Digital Asset Security
BitGo introduced the multi-signature wallet, a significant advancement in cryptocurrency security. This technology ensures that multiple signatures are required to authorize a Bitcoin transaction, adding an extra layer of security. Later, BitGo developed the Threshold Signature Scheme (TSS) to further enhance the security features offered by multi-signature wallets.
Wrapped Bitcoin (WBTC)
BitGo is the world’s sole custodian for Wrapped Bitcoin (WBTC), an Ethereum ERC-20 token backed 1:1 by Bitcoin. WBTC brings the liquidity of Bitcoin to the Ethereum platform, allowing it to be used in the rapidly growing decentralized finance (DeFi) sector. By wrapping Bitcoin onto Ethereum, a blockchain with smart contract capabilities, Bitcoin can be repurposed for use in DeFi applications. The process involves minting new WBTC when Bitcoin is sent to BitGo and burning WBTC when it’s redeemed for Bitcoin.
BitGo Trust Company
In 2018, BitGo launched the BitGo Trust Company, a regulated entity offering cold storage solutions for digital assets. This move was in response to the growing demand for secure and regulated custody solutions in the cryptocurrency industry.
BitGo Prime
BitGo expanded its services in 2020 with the introduction of BitGo Prime. This platform allows clients to trade, borrow, and lend digital assets. Additionally, BitGo Prime provides access to DeFi, staking, NFT wallets, and more.
Historical Updates
BitGo has been a significant player in the digital asset space since its inception. Over the years, the company has expanded its services, adapting to the evolving needs of the cryptocurrency community. Some key historical updates include:
- 2013: BitGo was founded, introducing the multi-signature wallet.
- 2018: The company launched BitGo Trust Company, offering regulated cold storage solutions.
- 2020: BitGo Prime was introduced, expanding the company’s service offerings.
Impact and Recognition
BitGo processes approximately 20% of all global Bitcoin transactions by value. The company supports over 600 tokens across various blockchains and safeguards assets worth billions. BitGo’s clientele includes many regulated entities and some of the world’s top cryptocurrency exchanges and platforms.
