Originally published on the Shrimp Tank Boston podcast.
Bringing the most secure, comprehensive and scalable suite of digital asset solutions for asset managers and RIAs.
- Investment managers can place their client's digital assets in qualified custody in a 100% offline [cold] storage solution.
- BitGo's long track record of credibility, strong balance sheet, and best-in-class operational standards position the company for M&A and business growth amid this crypto winter.
- The pairing of HeightZero's capabilities with BitGo's wallet and custodial infrastructure will offer scalability and efficiency to an industry that is poised for adoption and growth.
PALO ALTO, Calif., Oct. 17, 2023 /PRNewswire-PRWeb/ -- BitGo Holdings, Inc. announced today the acquisition of HeightZero, a best-in-class digital asset management platform (TDAMP) focused on providing wealth managers the tools for digital asset exposure on behalf of their clients. The acquisition of HeightZero establishes BitGo as one of the first digital asset companies to provide a comprehensive solution for wealth managers.
"Today the HeightZero platform is universally rated as the best solution for wealth managers and SLAs working in the digital asset market. We've been proud to have partnered with HeightZero over the past several years and to be a part of their incredible growth. This acquisition is a doubling down in the space for BitGo, HeightZero, and our clients. We look forward to maintaining HeightZero's leadership position, while increasing the safety, security, and features provided in the joint products," said Mike Belshe, CEO of BitGo.
Today 90% of advisors are fielding questions about digital assets, but only 15% are actually allocating to crypto in client accounts, according to a recent industry survey by VettaFi and Bitwise. Advisors cited concerns about centralized institution failures, custody issues, and limited investment options as significant barriers to increasing crypto allocations.
In response, HeightZero has developed a scalable all-in-one solution designed to streamline digital asset management, offering familiar capabilities and experiences for advisors. This includes a suite of professionally managed strategies from top index providers and portfolio products such as portfolio rebalancing, statement generation, tax loss harvesting, and automated billing. When paired with BitGo's qualified custodial solutions, investment managers can now be confident that their assets are safeguarded in segregated accounts, adhering to strict standards subject to regular independent audits.
"We are thrilled to join forces with BitGo, a pioneer and the leading digital asset custodian. Digital assets and blockchain technology are quickly moving to the forefront of wealth management, making it critical to provide solutions to a wide range of asset managers and RIAs. Together, we are poised to drive innovation and address the evolving needs of the industry, ensuring that our clients are well-equipped for the future of finance," said AJ Nary, Co-Founder of HeightZero.
"HeightZero's technology platform combined with BitGo's institutional grade custody is what asset managers like us need to safely and securely deliver our full discretionary service to financial advisors in the US efficiently. We pride ourselves in working with partners like BitGo and HeightZero who are aligned with our mission and won't compromise on security," says Marc Nichols, Product Director at Arbor Digital Investment Management.
About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.
Founded in 2013, BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies' MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. BitGo has expanded from offering wallets to providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc's original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world's sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over fifty countries — a list that includes many regulated entities and the world's top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.
BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit http://www.bitgo.com.
About HeightZero
HeightZero is an open technology solution that brings together best in class market capabilities allowing asset managers such as financial advisors, family offices, Separately Managed Accounts and broker dealers to gain exposure to the rapidly expanding crypto ecosystem on behalf of their clients, through direct investment. Their turnkey asset management platform (TDAMP) provides a security-forward suite of features that aim to simplify the inherently complex practice of investing in cryptocurrencies, while also providing peace of mind for both investment managers and their clients.
Founded in 2019 by a team of fintech experts, cryptographers and ETF strategists with decades of combined experience, HeightZero is focused on a simple goal: Provide transparent access to digital assets in an intuitive, scalable and secure manner.
Disclaimer
The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, Inc., a South Dakota chartered trust company and other BitGo entities. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.
BitGo Trust Company, Inc., BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.
Contact
press@bitgo.com
Media Contact
Sarah Cohen, Melrose PR, (310) 260-7901, sarah@melrosepr.com
SOURCE BitGo
Please note that this article is intended for informational purposes only and should not be considered an investment, tax or legal advice. Consult your investment, tax and legal teams for definitive guidance on any digital asset.
