BitGo custody for institutions and banks

BitGo's money movement products include Stablecoin-as-a-Service, which lets an institution issue its own stablecoin with BitGo holding the reserves, and the Go Network, BitGo's network for settlement between clients and trading venues while the assets stay in custody. BitGo Mint handles stablecoin issuance and redemption for institutions. Stablecoin settlement explains how such tokens settle trades and payments between banks and companies.

BitGo runs several regulated trust companies. Its custody article says custodied funds are structured to remain outside the custodian's balance sheet, keys are stored offline in cold storage, and transactions need two of three keys under its 2-of-3 multi-signature setup. The first of these trust companies was approved by the South Dakota Division of Banking as a qualified custodian for digital assets, Bitcoin Magazine reported, and BitGo had its controls audited for the SOC 2 Type 2 report, as GARP described. BitGo Bank & Trust is a national trust bank chartered by the US Office of the Comptroller of the Currency, and BitGo is listed on the New York Stock Exchange. Assets in its custody passed 100 billion US dollars, about half of them tied to staking, Bloomberg reported.

BitGo Europe GmbH is BitGo's European headquarters in Frankfurt. BaFin granted it a MiCA license to provide digital asset services in the EU, and BitGo names crypto-native firms, banks and investment managers as its clients there. BitGo Europe then launched crypto-as-a-service across the EEA for EU fintechs and banks, according to the press page. One user is the bitcoin app 21bitcoin, whose customers choose between custody at BitGo Europe and transfers to their own wallet, as bitcoin wallets in Germany describes. Crypto as a service explains what a bank keeps and what the provider runs.

BitGo is a partner of Capital & Code in Frankfurt, where Finance Loop is media partner and Dr. Ming Schuhmacher of Deutsche Bank discusses custody and new payment rails for stablecoins with BitGo and Hercle. BitGo is also a member of the Digital Euro Association, a strategic partner of Finance Loop.

Yes. BitGo Europe GmbH in Frankfurt holds a MiCA license from BaFin, which covers digital asset services across the EU.

BitGo uses a 2-of-3 multi-signature setup, so a transaction needs two of three keys, and stores keys offline in cold storage.

The Go Network is BitGo's settlement network. Clients settle trades with trading venues and with each other while their assets stay in BitGo custody.