Goldman Sachs and Novogratz invest in BitGo crypto wallet

Investment bank Goldman Sachs and Bitcoin bull Mike Novogratz have invested $15 million in BitGo Holdings Inc., which will provide a secure asset custody facility for institutional investors and wealthy clients. The company considers its $1 trillion BitGo crypto wallet to be such a tool.

According to BitGo, another $58.5 million in total was invested by Valor Equity Partners, Craft Ventures, DRW and Redpoint Ventures.

“The BitGo startup will be able to better serve institutional investors who want to trade cryptocurrencies and digital assets. We're now figuring out what we'll need to store a trillion dollars. We don’t have it yet, but we need to be ready,” said Mike Belshe, CEO of BitGo

For many institutional investors, the barrier to entering the crypto market is the lack of reliable tools for safe custody of assets. A number of financial institutions, including JPMorgan and Northern Trust, are exploring the possibility of providing such instruments in the form of custodial services for crypto funds. Goldman Sachs is also one of these companies.

“Institutional investors will gradually understand that digital assets are changing the playing field and will want to participate,” Novogratz said.

With more and more major financial players are entering this market, the question now is not to ignore cryptocurrencies, but how to use them more profitably.

According to BitGo itself, it owns assets worth more than $2 billion and supports more than 95 tokens.

According to coinjournal.net