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Crypto exchange Bitstamp picks BitGo for custodial services

Thu, 10 Oct 2019, 06:36 am UTC

Cryptocurrency exchange Bitstamp has announced that crypto custodian BitGo will provide secure storage for the crypto assets under its management.

In an announcement dated October 09, Bitstamp said:

“We will start transferring assets to BitGo’s wallets on 10 October 2019. Our customers will not be affected by this and you do not need to take any action.

“With BitGo Custody, Bitstamp’s assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGo’s $100 million (USD) insurance policy.”

Speaking to CoinDesk, a Bitstamp representative revealed that the firm considered all available options before finalizing BitGo. Bitstamp has already been using BitGo’s hot wallet for years, the representative added.

“[W]e see them [BitGo] as a pioneer in the industry and an essential piece of the crypto ecosystem,” the representative said. “That said, we plan on diversifying our custody options in the future in order to serve the different needs of our diverse customer base.”

Bitstamp is one of the longest-running cryptocurrency exchanges. Earlier in April, Bitstamp received a BitLicense from the New York Department of Financial Services (DFS), allowing it to continue its operations in the state.

Just recently, BitGo announced the launch of its staking service with initial support for Dash and Algorand.

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