BitGo is quickly becoming one of the biggest and most recognizable names in digital assets. In the past week, the company has taken a number of steps to consolidate this fact by negotiating acquisitions, insurance policies and by expanding its service offerings.
Security bitmap first
One of the hottest trends related to digital assets is the rise of credit/interest account services. These services, which allow people to deposit their assets in exchange for favorable interest rates, use BitGo as a custodian. This is due to both a good track record and a comprehensive insurance policy. This policy, which previously covered assets up to $100 million, has been in place for several years. Some of the above credit services that use the company as a trusted custodian include
As BitGo gained popularity, it caught the attention of Galaxy Digital. Galaxy Digital is reportedly already one of the first backers and is finalizing a deal to acquire the Palo Alto-based company.
The deal, first reported by CoinDesk, is expected to be cordial. After previous acquisition talks between BitGo and PayPal came to nothing despite a $750 million bid, this means that the growth digital assets have experienced this year will translate into a huge amount.
BitGo acquires Lumina
Despite rumors of a possible acquisition by Galaxy Digital, that hasn’t stopped BitGo from making its own acquisition. Last week, Lumina was acquired and described as an institutional-level digital asset management company.
In addition to the acquisition of Lumina and its offerings, the company said some C-level executives would be joining the team.
At BitGo we have a long history of working with the world-class team at Lumina….. as partners and clients. Lumina’s founders hold executive positions at BitGo, and Lumina’s CEO, Chen Fang, will assume the role of product manager for all BitGo products.
A Diversified supply
The aforementioned acquisition of Lumina brings many benefits to BitGo and the services it offers. It has just announced the launch of the BitGo wallet and taxes.
BitGo Portolio is described as a consolidation platform that gives users a complete overview of their portfolio. To this end, transaction data from each portfolio/exchange can be downloaded and displayed in an intuitive manner.
BitGo Tax is described as a service designed to generate tax reports based on transaction data. Since it is fully integrated with the BitGo portfolio mentioned above, this tax service should be able to provide complete and accurate reports.
With the growing popularity of digital assets, organizations like the Internal Revenue Service (IRS) and the Internal Revenue Service (CRA) are beginning to take steps to limit reporting. Therefore, there is a real need for services like BitGo Portfolio/Tax and others like TokenTax, Koinly, etc.