Cred Adds BitGo As Custody Partner

1 min read

At Cred, we’re always on the lookout for strong security, custody and insurance solutions for our customers. The safety and security of customer funds is our top priority. Today, we are pleased to announce that Cred has added BitGo as a custody provider to help securely store digital assets.

We first became acquainted with BitGo custody when they joined as a member of the Universal Protocol Alliance. The Alliance is an organization founded by Cred which offers a tokenization platform to support consumer and investor protections that do not exist in the market today. In working with BitGo, our customers will have access to an institutional-grade qualified custodian.

We’re pleased to be working with Cred to create a market structure for institutional investors,” said Mike Belshe, CEO of BitGo.

One key collaboration opportunity involves LBA token, which will be one of the latest tokens to be supported by BitGo. As the amount of staked LBA continues to grow, Cred can use BitGo to support custody of LBA. LBA token is a global utility token that allows customers to get financial services benefits. Learn more about the utility of LBA token here, and to learn how to buy LBA on Uphold, visit our Help Center.

BitGo also provides additional security for Cred’s corporate funds as each transaction requires a multi-sig approval. The use of a multi-sig approval system decreases risks of hacking or having keys stolen. It also allows for an emergency backup key that can be used to access funds should BitGo become insolvent or cease to exist. In addition, this approach allows a final approving authority to approve transactions (possibilities include arbitration, CFO signatures, business owner approvals, etc).

Custodial assets held completely by either BitGo, Inc. or BitGo Trust Company are insured through insurance group Lloyd’s. The assets will be covered for third-party hacks, physical loss or damage of private keys, insider theft by employees and other hazards. At the end of 2017, Lloyd’s had about $44 billion in gross written premiums. The insurer has a presence in nearly 200 countries and is one of the world’s largest insurance and reinsurance marketplaces.

Welcome, BitGo!

About BitGo
BitGo is the market leader in digital asset financial services, providing institutional investors with security, compliance, custodial, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens and has over $2 billion in assets in the wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.

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Disclaimer: CredEarn is the trade name for a service offered to non-US persons by Cred LLC, which is an entity distinct and separate from Cred (US) LLC. CredEarn allows you to extend a loan to Cred LLC. The purpose of the loan is to allow you to earn an enhanced yield on your crypto assets, such as Bitcoin. Cred LLC is not a bank and CredEarn services are not insured by the FDIC. CredBorrow and C-LOC™ are trade names for lending products of Cred (US) LLC, a licensed lender and a wholly-owned subsidiary of Cred LLC. Loans, loan amounts, terms, and rates are not available in every jurisdiction, or for every collateral type. The availability of rates, crypto types, loan amounts, and other terms are subject to change. Loan applicants are subject to AML and KYC screening. Terms, conditions, and restrictions apply. Loans made or arranged pursuant to California Finance Lenders Law License 60DBO-58789.