BitGo Enters Crypto Lending Market with New Services

BitGo, a popular crypto custody platform, announced on Thursday that it has started offering digital asset lending services to institutional clients.

Per the press release, the US-based company rolled out the full lending services after several months of private beta to guarantee a smooth offering.

“BitGo has built a reputation for leading the industry in innovation, security, and client service, and we are now extending that expertise to BitGo Lending,” Mike Belshe, chief executive of BitGo, said while commenting on the new services.

“With our lending service, we are melding the best of Wall Street’s sophisticated understanding of how to work with institutional investors, and the best of Silicon Valley’s technology and innovation.”

Targeting global markets

As clarified to Finance Magnates, the company will offer its services to all jurisdictions and “don't anticipate restrictions,” however, it advises its client base to check their local regulations.

Initially, the lending services will be confined to only Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. However, the company “rapidly” added other major digital currencies, including Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, Litecoin, Bitcoin Stash, and Dash, as well as stablecoins and fiat. Per the company, its lending service supports “over 15 different coins.”

Established as a crypto custodian, BitGo is now diversifying its business, entering into other lucrative crypto services areas. Last month, the firm acquired digital securities platform Harbor, along with its broker-dealer and transfer agent subsidiaries.

The US-headquartered company also entered Europe with two local subsidiaries in Germany and Switzerland following the rolling out of trading services directly from the vault-stored funds.

“Our goal was to build a lending business that is similar to lending businesses in the traditional financial markets,” said Nick Carmi, head of financial services, BitGo. “We are not interested in a high-volume, low-margin business; we are building deep relationships with our clients to drive value for them and to create a long term, sustainable business.”