Bitgo, leading cryptocurrency security platform has launched a custodial storage solutions tailed to suit the needs of institutional investors. The new custodial service has been designed to offer a multi-level security facility for digital assets. The company has launched the service in partnership with the Kingdom Trust, a US firm that is known for offering traditional custody services for traditional financial assets.
The company unveiled the new product as a way to attract Big Wall Street companies who may have interest in the sector. The launch of the new product builds on BitGo’s move to acquire Kingdom Trust. Although the acquisition is still pending awaiting regulatory approval, BitGo is moving on with its plans of bolstering its product portfolio.
This is not the first product that is seen to target big Wall Street companies. Recently, Goldman Sachs, a Wall Street giant announced that it is launching a digital currency product. Additionally, other companies like Coinbase are already offering services that are tailored to suit institutional investors.
The new institutional grade product launched by Bitgo and Kingdom Trust offers custody services like advanced security solutions, treasury controls and 24-7 monitoring. Some of the multi-level services for the new product include institutional custody with multi-sig wallet, self-managed custody and the Bitgo offline vault. The vaults are used to store keys offline and it is programed in such a way that it can only be opened by more than co-signers.
Tracy Olsen, the head of product at BitGo says that the launch is meant to position the company as a provider of full spectrum of security services that can scale individual to institutional needs.
According to the details offered on the company’s website, the new product is very robust because of the company’s partnership with Kingdom Trust. The service will be supported by a team of people with a lot of experience in the digital asset solutions and will be built in such a way that it meets the regulatory requirements that govern custody of digital assets.
The new announcement comes after the company implemented seven new digital currencies including Royal Mint Gold, Ether, Ripple, Litecoin and Bitcoin Cash.