BitGo, the leader in digital currency security solutions for institutional investors, announced that it has entered into a definitive agreement to acquire Kingdom Trust Company, a South Dakota-chartered, fully regulated trust company with over $12 billion in assets under custody.
The custodial services offered by the trust company, alongside BitGo’s market-leading digital currency security protection software, will make the combined companies the only full-stack, at scale provider of onsite and online protection for digital currency investments held by institutional investors.
Mike Belshe, CEO of BitGo said:
“Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios.”
“BitGo has established itself as the digital security leader, and Kingdom Trust has served as a 40 Act qualified custodian for almost a decade and has developed the expertise required by institutional investors necessary for compliance with the Act. Both companies are working toward the safety of money and assets. BitGo and Kingdom are building products for the future – marrying the new technology with the safety and controls all investors require.”
The transaction is subject to customary closing conditions and regulatory approval. Kingdom Trust meets all applicable requirements of Internal Revenue Code 408 to serve as a qualified custodian as defined in the Investment Advisers Act of 1940.
Discussion about this post