Crypto custodian BitGo has acquired Lumina, a firm that provides an integrated tax service for institutional traders. The deal is part of BitGo’s year-long strategy to diversify its crypto business.
On April 16. BitGo announced on the acquisition whose value remains undisclosed. Lumina raised $4 million in a seed funding in 2018 and is backed by notable investors, including Bain Capital Ventures and Dragonfly Capital Partners.
BitGo acquires Lumina! “The acquisition and integration of the crypto-native financial platform’s Portfolio and Tax software is an industry game-changer,” said Mike Belshe, CEO, BitGo. https://t.co/FQSJYjIonz #digitalassets #Institutionalinvestors pic.twitter.com/RGqAGvXyvm — BitGo (@BitGo) April 16, 2020
Lumina will now be fully integrated into BitGo’s current product offerings with its team joining the company. Lumina’s former chief executive, Chen Fang, will now act as the chief product officer at BitGo.
Chen Fang says:
“This acquisition was a natural fit because Lumina and BitGo share a common mission: to accelerate the institutional adoption of digital assets by building best-of-breed infrastructure and tools to bridge the gap between traditional finance and digital assets”
Fang continues:
“We built Lumina to be the institutional operating system for digital assets, the first thing you look at in the morning and the last thing you check at night. BitGo Portfolio and BitGo Tax are only the beginning and we will be bringing more new services to market over the next several months.”
BitGo is looking to become an all-in-one provider for the institutional crypto market. BitGo says that its clients can now bring data from any exchange or wallet into a single dashboard for a consolidated view of their crypto holdings.
Mike Belshe, CEO, BitGo said in a statement:
“BitGo’s integration of Lumina’s Portfolio and Tax software is an industry game-changer. Clients have digital asset accounts across many exchanges and wallet providers, and that can lead to a fragmented or incomplete view of their digital asset holdings. BitGo clients now have a clear, intuitive dashboard with tax and reporting abilities, and these new services transform their ability to interact with digital assets.”
Founded in 2018, Lumina was backed by top VCs Craft Ventures, Bain Capital Ventures, and Dragonfly Capital Partners.