BitGo’s digital assets under custody have surpassed $16 billion for the first time, offering further validation that institutional demand has arrived.
It has been reported that BitGo said institutional investors are seeking exposure to digital assets “for custody, trading, and lending.”
Mike Belshe, the CEO of BitGo, said:
“We’re seeing unprecedented interest from institutional investors as a result of the pandemic’s economic impact, as well as Bitcoin’s extraordinary performance.”
However, BitGo has expanded to provide liquidity, custody, and security solutions for institutional investors, as the company claims to process over 20% of all global Bitcoin (BTC) transactions and supports over 300 digital assets.
Digital asset platform @BitGo has hit a new record. Catering to institutions, it’s experiencing a massive upswing in demand for its services and now has over $16 billion in digital assets under management. https://t.co/YiIQRXl4AQ — Cointelegraph (@Cointelegraph) December 25, 2020
The report said that BitGo made headlines a few months ago after anonymous sources told Bloomberg that the company had become an acquisition target of PayPal Inc. Representatives from both companies refused to comment at the time. Demand for institutional-grade crypto has been on the rise this year, as Bitcoin’s digital gold narrative continues to attract new investors.
Thus, companies like Grayscale, PayPal, MicroStrategy, Ruffer Investment Group, and MassMutual have been at the center of the adoption drive.