BitGo Buys Lumina Expanding Institutional Crypto Offerings

BitGo, a digital asset financial services firm, announced on Thursday the acquisition of Lumina, thus expanding its offering for portfolio management and taxation.

Per the press release shared with Finance Magnates, BitGo has already completed the first phase of the Lumina’s product integration, providing its institutional clients with a dashboard for managing, accounting, and tracking the entirety of their digital asset holdings across various platforms.

Commenting on the acquisition, Mike Belshe, CEO at BitGo, said: “Clients have digital asset accounts across many exchanges and wallet providers, and that can lead to a fragmented or incomplete view of their digital asset holdings. BitGo clients now have a clear, intuitive dashboard with tax and reporting abilities, and these new services transform their ability to interact with digital assets.”

Expanding offerings beyond custody

Though BitGo was established as a crypto custodian, the company has expanded its offerings beyond its core business, and the recent acquisition further cemented its role as a digital asset financial services provider.

The acquisition was made ahead of the busy tax season as the company believes that it will help their clients with their crypto income declaration.

Founded in 2018, Lumina received backing from Craft Ventures, Bain Capital Ventures, and Dragonfly Capital Partners in a $4 million Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term.

BitGo has now poached the employees of the Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term and appointed Chen Fang, former head of Lumina, as its chief product officer.

The company, however, refused to disclose the financials of the acquisition of the deal.

“We built Lumina to be the institutional operating system for digital assets, the first thing you look at in the morning and the last thing you check at night. BitGo Portfolio and BitGo Tax are only the beginning and we will be bringing more new services to market over the next several months,” Fang said.