BitGo will provide secure storage for digital assets under management at at major cryptocurrency exchange Bitstamp
Bitstamp, the world’s longest-standing cryptocurrency exchange and Europe’s largest by trade volume, today announced that it will expand its partnership with BitGo to include custodianship of digital assets. The two companies already have a working relationship as Bitstamp has used BitGo’s hot wallet for several years. The exchange will begin transferring assets to BitGo’s wallets on 10 October 2019.
Bitstamp reported that with BitGo Custody, Bitstamp’s assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGo’s $100 million insurance policy. BitGo, the leader in digital asset financial services, is one of the pioneers of the crypto industry known for developing the world’s first institutional-grade, multi-signature hot wallet.
“BitGo has been one of our most trusted partners for many years and this is a natural extension of our relationship,” stated David Osojnik, Bitstamp CTO. “Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange. But, more than that, they have proven to be a great partner, committed to our mutual success as well as the further development of our industry.”
Mike Belshe, CEO of BitGo, said about the partnership: “Bitstamp is one of the most highly-regarded exchanges in the world and they chose BitGo Custody because we understand what they need to run their business.” And he continues: “Institutions need a lot more than an app with pretty charts. They need proper security, which includes technology, people, and processes, and they need exceptional client service. We’re proud to have earned Bitstamp’s trust and their business.”