The entry of institutional investors into the crypto market is considered the holy grail to pump new fresh capital into Bitcoin and other old coins. Bitcoin supporter and billionaire Michael Novogratz and Goldman Sachs support the BitGo custodian solution for large investors.
According to an official press release by BitGo of California, the Costudian solution was able to raise more than 58.5 million US dollars in a financing round. BitGo is a kind of large wallet for crypto currencies that will be able to store billions of dollars safely and competently.
This step is not surprising, since in the past many large financial institutions have already singalized that a secure storage option for crypto currencies, which is useful for larger investments, is still missing. BitGo could close this gap.
Rana Yared, Managing Director of the Strategic Investment Group, describes that demand is rising daily:
Greater institutional participation in digital asset markets requires secure and regulated custody solutions. We see our investment in BitGo as an exciting opportunity to contribute to the development of this critical market infrastructure.
Mike Belshe , CEO of BitGO, explains that his company can offer security, compliance and depot wallets for crypto currencies from a single source. Many large investors have still not entered the crypto market because an all-in-one solution is still missing. BitGo has positioned itself very early and wants to use this time advantage (translated freely):
No one is better positioned than BitGo to serve institutional investors who want to trade crypto currencies and digital assets. So we’re focusing on finding out what it takes to save a trillion dollars. The market isn’t there yet, but our job is to be ready first.
Many experts assume that the market could experience a strong upswing as soon as convincing storage solutions for Bitcoin and Co. can be offered.