• Wed. May 22nd, 2024

BitGo Just Crossed the $16 Billion Barrier

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Dec 26, 2020

One of the top digital asset trust companies known as BitGo has just confirmed that its holdings have reached an all-time high. The digital asset trust company has a long list of investors and some of the most prominent are Valor Equity Partners, Galaxy Digital Ventures, and Goldman Sachs.

The firm recently revealed that its digital-asset holdings have managed to surpass the $16 billion barrier. This goes onto to prove that the cryptocurrency industry has gained an enormous amount of mainstream success and adoption in recent years.

Mainly, the cryptocurrency industry has managed to gain enormous adoption when it comes to institutional demand. The digital asset trust company also talked about the mainstream success of the crypto-industry in one of their press-releases.

The firm stated that in the past couple of years, the giants from the traditional financial institutes have started shifting to crypto-adoption. BitGo stated that one of the major factors of the surge in crypto-adoption is the COVID-19 pandemic.

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As a result of the pandemic, the entire world’s economy took a huge blow and resulted in millions losing their jobs. This was the time when the cryptocurrency industry emerged as the safe-haven and helped the economy survive through this hard time.

Now that the entire world has realized the importance of having digital or remote assets, cryptocurrency adoption is gaining huge adoption among the masses. Especially, when it comes to Bitcoin (BTC), even the major financial institutes are eager to get their hands on it.

BitGo was founded back in 2013 and in the beginning, it was launched as a digital wallet service. Ever since its launch, BitGo has expanded its services to target a wider range of users and clients. At present, BitGo is known to be providing custody, security, and liquidity solutions to investors belonging to financial institutions.

At present, the company claims that it processes more than 20% of the total Bitcoin (BTC) transactions taking place globally. Additionally, BitGo claims that it offers investors more than 300 digital assets to invest in.

The firm also made it to the headlines when it was reported by an anonymous source that one of the largest e-commerce firms was aiming to get their hands on this platform. It was later revealed that the firm that aimed to acquire BitGo was none other than PayPal. However, the officials from both firms refused to make any comments about the rumors being spread around the acquisition of BitGo.

As per the stats, Bitcoin (BTC) has managed to gain an enormous amount of adoption and mainstream success in the running year. Companies such as PayPal, Ruffer Investment Group, MicroStrategy, Grayscale, and MassMutual have already invested in Bitcoin (BTC) one way or another.

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