BitGo began providing custodial services to the Bitstamp cryptocurrency exchange

BitGo has begun providing custodial services for Europe’s largest cryptocurrency exchange, Bitstamp.

This week, Bitstamp announced that it will begin transferring its assets to BitGo wallets on October 10. At the same time, both companies refused to disclose the total amount and types of assets transferred to BitGo.

In addition, BitGo entered into a $ 100 million asset insurance contract through Lloyd’s of London, which covers protection against theft or loss of cryptographic keys. The company representative noted that BitGo has more than 300 customers using custodial and trust services.

“We reviewed all the available options and believe that BitGo suits us because it is a pioneer in the industry and an integral part of the cryptocurrency ecosystem. However, we plan to diversify our storage options in the future to meet the diverse needs of our diverse client base, ”said a Bitstamp spokeswoman.

He also noted that the company began using the hot BitGo wallet “many years ago.” BitGo CEO Mike Belshe said:

“Institutional clients need much more than an application with beautiful graphics. They need proper security, which includes technology, people and processes, and they require exceptional customer service. We are proud to have earned the trust of Bitstamp. ”

Bitstamp is one of the oldest cryptocurrency exchanges. In April, the company received BitLicense from the New York State Department of Financial Services (NYSDFS) and plans to expand its team in New York.

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