California-based digital asset trust and security firm BitGo informed about its custodial funds reaching 16 B. Market analysts indicate that most likely this is a result of institutional investors needing to ensure security for custody. Among BitGo's customers are Galaxy Digital, Goldman Sachs, and other well-known establishments.
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Mike Belshe, the Chief Executive Officer of BitGo mentioned that the global pandemic is another factor influencing record-high interest. Previously, the company had told that PayPal Inc. was trying to obtain BitGo. However, there is no official statement about it.
BitGo was founded in 2013. Now it is the biggest executor of on-chain Bitcoin operations, implementing $15 B transfers monthly. The protocol holds more than 200 digital currencies. Its wallet maintains over $2 B in currencies.
In 2018, BitGo presented BitGo Custody and released BitGo Trust. The second one is the first certified asset manager designed for supplying digital assets.