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Crypto custodian BitGo acquires digital securities startup Harbor

Image by BitGo

Wed, 19 Feb 2020, 12:45 pm UTC

Crypto custodian BitGo announced in a press release that it just acquired security token startup Harbor and its broker-dealer and transfer agent subsidiaries. The terms of the deal have not been disclosed.

BitGo provides institutional clients with security, custody and liquidity solutions for their digital assets. It said that the acquisition provides a foundation for a full-stack digital assets solution.

Harbor was launched in 2018 to become a one-stop solution for security token issuers. It is the first blockchain company to have secured both transfer agent license and broker-dealer license. The company is backed by Andreessen Horowitz, Craft Ventures, Fifth Wall, Valor Equity Partners and VY Capital.

“Our vision has always been bigger than wallets and custody and acquiring Harbor furthers BitGo’s vision of building a new digital infrastructure for financial services,” said Mike Belshe, CEO, BitGo. “We believe participants will ultimately need trusted, full-stack solutions for digital currencies and now BitGo is well positioned to address institutional requirements as the market develops.”

Josh Stein, CEO at Harbor, said that they have worked closely with BitGo to integrate BitGo Business Wallets and BitGo Custody into Harbor’s services.

“Harbor provides BitGo with a complementary technology stack for the lifecycle of digital securities, as well as important service capabilities through our digital assets broker-dealer and transfer agent subsidiaries,” he added.

Before acquiring Harbor, BitGo also acquired Hedge, a staking infrastructure provider that ensures its staking service is scalable and performing well. It recently announced the expansion of its global presence with the launch of new custodial entities in Switzerland and Germany.

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