Digital asset financial services firm BitGo will provide secure storage for crypto assets under management at major cryptocurrency exchange Bitstamp.
$100 million insurance policy
In a press release on Oct. 9, the Luxembourg-based cryptocurrency exchange announced that BitGo will offer custodianship of its digital assets. The Bitcoin (BTC) exchange will start transferring assets to BitGo’s wallets on Oct. 10, 2019. Bitstamp CTO, David Osojnik, said:
“BitGo has been one of our most trusted partners for many years and this is a natural extension of our relationship. Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange.”
The press release further states that with BitGo Custody, Bitstamp’s assets will be secured completely in cold storage in bank-grade vaults and protected by BitGo’s $100 million insurance policy.
Bitstamp is currently the 11th largest cryptocurrency exchange by daily trade volume, according to data from Coin360. The exchange currently has a reported 24-hour volume of $150.7 million.
BitGo launches staking services
CryptoNewspeople previously reported that BitGo launched a new staking service for clients who store their assets with its qualified custodian subsidiary BitGo Trust. The new service will first launch with altcoins Dash (DASH) and Algorand (ALGO).