Amber Group, a Hong Kong-based crypto market-making and asset management firm has partnered with BitGo, a crypto custodian-turned financial services platform. The Group aims to facilitate its institutional traders and investors with the help of BitGo Trust.
In an official press release, BitGo announced that BitGo Trust, the custodial arm of the firm will help Amber Group to attract more institutional investors because of the qualified custodian regulatory status of BitGo.
The Amber Group plans to enhance the user experience with the new Amber app in order to attract high net-worth institutional clients and the next generation of crypto users. The group is building on its existing partnerships with BitGo. The crypto market maker has been using BitGo services since 2018 for its offerings which include Amber Pro and Amber App.
Commenting on the partnership, Mike Belshe, CEO at BitGo, said: “Amber Group’s leading-edge crypto innovations originate from the founders’ background in traditional finance. Amber was formed by seasoned finance professionals who cut their teeth trading at firms like Morgan Stanley. Amber is poised for tremendous growth and the team at BitGo is focused on providing the security, liquidity and custody infrastructure they require to do what they do best, transform the future of finance.”
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According to the press release, Insurance played a very important role in the recent partnership. Earlier in 2019, BitGo introduced a $100 million comprehensive insurance plan for the digital assets held in BitGo qualified custody.
“As we scale our operations into more jurisdictions, we prioritize partnering with reliable and well-reputable infrastructure providers like BitGo who are committed to a security-first approach to asset protection,” Michael Wu, CEO at Amber Group, said in a statement. “Implementing rigorous security measures around client assets is not only critical to our daily operations but also key to building long-term trust with our clients,” he added.
In October, Bloomberg reported that PayPal is considering the acquisition of BitGo.