Altcoin News: Bitstamp Will Use the Services of the Custodial Company BitGo to Store Assets
October 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The BitGo crypto-custodial service will provide a solution for the safe storage of assets managed by the Bitstamp exchange.
According to a press release, Bitstamp will begin to transfer assets held in its accounts on October 10. Amounts and types of transferred assets of the company refused to disclose.
“BitGo has been one of our most trusted partners for many years and this is a natural extension of our relationship,” said 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.”
Bitstamp notes that thanks to the BitGo Custody service, its assets will be kept in a cold bank-level vault and covered by BitGo insurance policy for $100 million.
“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,” said Mike Belshe, CEO, BitGo. “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.”
BitGo currently serves over 300 customers. Bitstamp is one of the oldest operating cryptocurrency exchanges — it was founded in July 2011.
Author: Marko Vidrih
