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BitGo Secures Key License In Crypto-Hub Singapore: Report

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BitGo, a prominent player with a decade-long presence in the cryptocurrency custody arena, has secured in-principle approval from Singapore’s top financial regulator for a Major Payment Institution (MPI) license. This regulatory milestone, once fully granted, will empower BitGo Singapore Pte. Ltd., the company’s local subsidiary, to offer regulated digital payment token services within the jurisdiction.

Singapore has witnessed over a dozen entities, including industry giants like Coinbase, Crypto.com, and Ripple, obtaining full MPI licenses. The country seeks to strike a delicate balance between fostering innovation and ensuring protective regulations, aiming to promote technology while minimizing speculative risks.

In a statement released today, the company expressed its strategic view of Singapore as a pivotal hub for crypto innovation. The company emphasized that operating a crypto brokerage in the country positions it as a leading provider of digital asset services for institutional finance across the Asia-Pacific (APAC) region. 

Currently offering digital asset wallet and custody solutions in Singapore, BitGo plans to expand its services to enable clients to buy and sell crypto using its cold storage custody solution housed within a class III vault upon receiving the full license.

Hobeng Lim, managing director of APAC for BitGo, highlighted the Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework as well as Singapore’s status as a financial center and business gateway to APAC as key factors driving BitGo’s commitment to establish Singapore as its regional headquarters.

BitGo Becomes First Custodian To Support Coreum Ecosystem

Meanwhile, in another layer of excitement, the company has become the inaugural custodian to support the Coreum Ecosystem. Coreum, a layer-1 blockchain designed to cater to enterprises of varying sizes, has entered into a partnership with BitGo. This collaboration is anticipated to accelerate Coreum’s network expansion by providing a secure gateway to its advanced technology for established institutions globally.

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Coreum’s developer-centric approach and infrastructure are engineered for the rapid deployment of decentralized applications, ensuring optimal performance and adaptability to diverse enterprise needs. 

By integrating BitGo’s custody services, Coreum adds an extra layer of security, connecting with a robust network of institutions to facilitate the broader adoption of blockchain technology in various sectors. Coreum’s technology offers novel solutions, including custom payments, rewards programs, tokenization of equity and securities, and peer-to-peer insurance products, shaping the future of programmable blockchain assets.

Related Reading | Decoding XRP ETP vs. ETF Confusion

BitGo & KEB Hana Bank Join Forces For A Crypto Custody Revolution In South Korea

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As reported by local media, KEB Hana Bank, one of South Korea’s largest financial institutions, has unveiled its plans to enter the digital asset custody arena with a strategic partnership with BitGo Trust Company. The announcement, made on the 5th of September, marks a significant development in South Korea’s evolving cryptocurrency landscape.

The partnership was officially announced during the ‘Korea Blockchain Week (KBW) conference at the prestigious Shilla Hotel in Jangchung-dong. Under this strategic business agreement, KEB Hana Bank and BitGo will jointly explore the digital asset custody business, coinciding with the establishment of BitGo’s Korean corporation.

While the specifics of the partnership are still under discussion, both entities are contemplating various collaborative avenues. These include the possibility of joint equity investments in a newly formed joint venture (JV) corporation, leveraging BitGo’s cutting-edge security solutions and digital asset custody technology, and capitalizing on Hana Bank’s financial service expertise and robust security and compliance capabilities.

Founded in 2013, BitGo has e­merged as a prominent global provide­r of digital asset custody services. The­ company’s offerings encompass wallet solutions, custody se­rvices, staking options, and trading facilities. Noteworthy is its accre­ditation from regulatory bodies in the Unite­d States, Switzerland, and Germany. Se­rving an extensive clie­ntele comprising over 1,500 organizations across more­ than 50 countries.

An official from Hana Bank emphasized the partnership’s potential to enhance trust and consumer protection within South Korea’s burgeoning digital asset market. Meanwhile, BitGo’s CEO and co-founder, Mike Belsey, expressed the company’s commitment to elevating transparency and safety standards within the Korean digital asset industry through this collaboration.

BitGo’s Expansion Plans In South Korea

Additionally, BitGo is gearing up to establish an office in South Korea in the latter half of 2024, subject to securing the necessary licenses in compliance with local regulations. The company recently wrapped up a successful US$100 million Series C funding round, propelling its valuation to an impressive US$1.75 billion.

These­ recent advanceme­nts in South Korea’s regulatory landscape coincide­ with the Financial Services Commission’s planne­d amendments to ele­ctronic securities laws. These­ changes aim to include blockchain-powere­d security tokens within the country’s re­gulatory framework, further solidifying its standing in the global digital asse­t arena.

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FLOKI Leaps Forward With Strategic Partnership with BitGo

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The official Twitter account of FLOKI, the highly popular cryptocurrency, recently announced a game-changing strategic partnership with BitGo, a renowned financial services provider specializing in digital asset management and crypto custody solutions. 

With BitGo boasting an impressive portfolio of over $64 billion in assets under management, this collaboration is set to have a monumental impact on the future of the coin.

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BitGo’s position as the primary crypto custody solution for some of the industry’s leading exchanges, including Robinhood, Coinbase, Fidelity Digital, Bitstamp, Rain, and Bitbuy, speaks volumes about the company’s credibility and trustworthiness. 

Backed by esteemed investors such as Goldman Sachs, Jump Capital, Redpoint, and Galaxy Digital, BitGo has emerged as a prominent force within the crypto ecosystem.

The strategic partnership between them holds immense potential for the widespread adoption of FLOKI among both retail and institutional investors. 

By leveraging BitGo’s extensive network and cutting-edge crypto custody solutions, it aims to revolutionize the way investors engage with and transact in the digital currency space.

Moreover, in another exciting development, BitGo announced via their official Twitter account that FLOKI is now live on their platform. 

The tweet expressed enthusiasm about the collaboration, stating:

We’re excited to work with FLOKI to offer FLOKI wallet support. Our clients can now securely hold their FLOKI tokens within the confines of their BitGo wallets.”

With this latest integration, BitGo users can now conveniently manage their FLOKI holdings, enjoying the peace of mind that comes from entrusting their valuable assets to BitGo’s reliable custody solutions.

FLOKI Price Analysis

Following these developments, there has been a notable positive influence on the coin’s trading status. Presently, the coin is being traded at $0.00002648, exhibiting an increase of approximately 9.90%, while the trading volume has surged by 15.93%.

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Source: CoinMarketcap

However, technical analysis suggests a bearish trend in the long term for the coin. Consequently, it is predicted that the price will decline by $0.00000015 over the course of the next 7 days, ultimately reaching $0.00003 by July 13th, 2023.

In the short term, employing a machine learning algorithm indicates that FLOKI is presently undergoing a bearish trend. Therefore, investors should anticipate a slight decrease in value within the next few hours.

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BitGo Seeks $100M From Galaxy Digital For Terminating Merge Deal

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BitGo took to Twitter to confirm that it has filed a $100 million lawsuit against investment management firm Galaxy Digital for terminating an acquisition deal worth $1.2 billion.

“Late yesterday, BitGo filed a lawsuit against Galaxy Digital seeking damages of more than $100 million arising from Galaxy’s improper repudiation and intentional breach of its merger agreement with BitGo,” the crypto custody firm wrote.

Adding that the complaint was filed in Delaware Chancery Court under seal, and should be open to the public shortly after 5 p.m. ET on 15 Sept.

This is how the saga unfolded.

In what seemed to be a landmark deal for the crypto industry quickly headed south when Galaxy August announced that it is backing out from the deal due to a “failure to deliver audited financial statements for 2021,” while exercising “its contractual right to terminate” the cash-and-stock transaction.

“No termination fee is payable in connection with the termination,” the firm had added. The proposed acquisition was the global crypto industry’s first $1 billion deal.

BitGo Vs Galaxy Digital: A Deal Turned Sour

Following that, the digital asset trust firm swiftly responded. Brian Timmons, a partner with Quinn Emanuel law firm, which represents the custodian said,

“BitGo has absolutely delivered the audits that were needed to get this deal done. Galaxy is the one with the problem and it’s saying: It’s not me, it’s you”.

When questioned about BitGo‘s statements, Galaxy spokesman Michael Wursthorn replied, “I can’t speak to their’s statements.”

Galaxy Digital revealed its intention to buy BitGo for $1.2 billion last year. The details of the arrangement, however, were reportedly being renegotiated, The Block reported in March of last year.

Only one week after Galaxy Digital filed a $554 million loss for the second quarter did the failed merger become a public knowledge. Despite the losses, the firm kept raising money with the intention of closing deals.

“BitGo agreed to extend this deal back in March only because Galaxy agreed to a breakup fee,” Timmons said. “Without it, BitGo would never have agreed to the extension. It had other interested suitors.”

According to Galaxy’s Wursthorn, his business has every right to terminate the agreement and that they wont pay a termination fee.

BitGo Rolls Out NFT Hot Wallet & Custody Solution

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BitGo, digital asset custody, liquidity, and security provider, launched its first US-qualified non-fungible token [NFT] hot wallet and custody solution.

According to the announcement post, the new custody provider allows users to interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible, and so on.

“Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs. It’s compatible with the ERC-721 and ERC-1155 protocols, as well as Crypto Punks,” the press release read.

The NFT industry has taken massive strides in the crypto market despite gaining mainstream status for about a year. Throughout 2021, its growth was nothing short of phenomenal, making ordinary people overnight millionaires.

But in the recent crypto market meltdown, so many sectors in the market have taken a beating, be it in price or in community support. However, NFTs have relatively fared well as evident from their trading volume growth levels.

Despite widespread FUD, it has at least not got stagnated as feared. For instance, at the beginning of June, the NFT market volume stood at $62.2 billion. Now, this volume has risen to almost $63.4 billion.

Although the increase is marginal and not significantly large, it goes to show how investors are looking at the sector during this turbulent time. NFT collections continue to record notable daily sales across the various marketplaces.

Echoing similar sentiments, Mike Belshe, CEO of BitGo said,

Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.

BitGo Process 20% Of All Global Bitcoin Transactions

Per its website- www.bitgo.com, the crypto firm offers trading, lending, and borrowing services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.

On top of that, BitGo processes roughly 20% of all global Bitcoin transactions and supports over 500 coins and tokens. Its customers include cryptocurrency exchanges and institutional investors from over 50 nations around the globe.

Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform

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Matrix, a virtual assets trading platform serving investors around the world, partners with BitGo, a leader in digital asset financial services. Through the partnership, BitGo will provide Matrix with a wide array of custodial services, including hot- and cold-storage capabilities to protect traders on its platform.

The global cryptocurrency market is expected to explode to $4.94 billion by 2030, more than three times its estimated size of $1.49 billion in 2020, according to a recent report by Allied Market Research. The UAE is steadily catching up to Western countries in terms of participation in the virtual asset ecosystem.

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Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform 5

Matrix is fully compliant with the Abu Dhabi Global Market (ADGM) virtual asset framework and is spearheading the push for virtual asset adoption in the region with its secure and user-friendly platform. Matrix will use BitGo’s custody solution to offer virtual-asset traders a variety of options, including a multi-signature bitcoin wallet service. At a time when the virtual asset community is massively growing, especially among first-time traders, it is critical to provide users with a service that is safe, trustworthy, and convenient to use.

“We are thrilled to be working closely with BitGo, one of the most respected and biggest custodians in the industry,” says Vasja Zupan, President of Matrix. “The partnership with BitGo comes at an exciting time and offers our users the highest quality service when entering the virtual assets industry.”

“We are constantly expanding in the Middle East and specifically in the UAE, a hidden gem with an innovative virtual asset landscape,” says Mike Belshe, CEO of BitGo. “We look forward to offering users first-class service, and by partnering with a distinguished trading platform such as Matrix, we are cementing our foothold in the region.”

About Matrix

Matrix, a regulated virtual asset Multilateral Trading Facility (MTF) and Custodian in the Abu Dhabi Global Market (ADGM), is dedicated to providing a compliant, secure, and fast virtual asset trading experience. Users of Matrix can be assured of their AML/KYC compliance and regulatory oversight. Additionally, Matrix’s offline storage, multi-node disaster tolerance, remote disaster recovery, and multi-server switching ensure the stability and reliability of the trading system. Matrix is one of the few global trading venues providing support for global fiat deposits, enabling faster trading.

About BitGo

BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions and supports over 300 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.