Cred Adds BitGo As Custody Partner
At Cred, we’re always on the lookout for strong security, custody and insurance solutions for our customers. The safety and security of customer funds is our top priority. Today, we are pleased to announce that Cred has added BitGo as a custody provider to help securely store digital assets.
We first became acquainted with BitGo when they joined as a member of the Universal Protocol Alliance. The Alliance is an organization founded by Cred which offers a tokenization platform to support consumer and investor protections that do not exist in the market today. In working with BitGo, our customers will have access to an institutional-grade qualified custodian that carries $100 million in insurance.
“We’re pleased to be working with Cred to create a market structure for institutional investors,” said Mike Belshe, CEO of BitGo.
One key collaboration opportunity involves Cred’s Lend-Borrow-Asset (LBA) token will be one of the latest tokens to be supported by BitGo. As the amount of staked LBA continues to grow, Cred can use BitGo to support custody of LBA. Cred’s LBA token is a global utility token that allows customers to get the very best set of financial services benefits that will continue to be introduced monthly. Learn more about the utility of Cred’s LBA token here, and to learn how to buy LBA on Uphold, visit our Help Center.
BitGo also provides additional security for Cred’s corporate funds as each transaction requires a multi-sig approval. The use of a multi-sig approval system decreases risks of hacking or having keys stolen. It also allows for an emergency backup key that can be used to access funds should BitGo become insolvent or cease to exist. In addition, this approach allows a final approving authority to approve transactions (possibilities include arbitration, CFO signatures, business owner approvals, etc).
Custodial assets held completely by either BitGo, Inc. or BitGo Trust Company are insured for up to $100 million through insurance group Lloyd’s. The assets will be covered for third-party hacks, physical loss or damage of private keys, insider theft by employees and other hazards. At the end of 2017, Lloyd’s had about $44 billion in gross written premiums. The insurer has a presence in nearly 200 countries and is one of the world’s largest insurance and reinsurance marketplaces.
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About Cred
Cred is a decentralized global lending and borrowing platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $300 million of lending capital with offices in San Francisco and Shanghai. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology.
For more information, visit mycred.io and activate CredEarn on Uphold here.
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About BitGo
BitGo is the market leader in digital asset financial services, providing institutional investors with security, compliance, custodial, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens and has over $2 billion in assets in the wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
For more information, visit https://www.bitgo.com
