BitGo crypto wallet provider launches a new solution that’s designed to bring money from the big players who are sitting on the sidelines into the crypto market.
The latest reports say that by the end of this month institutional investors on BitGo will get the opportunity to trade coins that are locked away in cold storage.
Institutional investors who will decide to use this new service will have the ability to buy digital tokens with a more powerful level of security, and they’ll know that they are purchasing coins that are disconnected from the Internet, therefore they are obviously harder to steal.
BitGo CEO Mike Belshe told Bloomberg he wants to “introduce market structure to crypto that’s never existed before.”
He said that this ability to buy/sell in cold storage would let customers bypass exchanges and this means that theft risks will be lower and human error and breaches as well.
Belshe also said that crypto is not going anywhere and digital assets are here to stay. We’re witnessing a new era in finance.
He highlighted that he believes the amount of institutional money that could go in the crypto space can easily reach trillions of dollars and this would mean a boom to the crypto market.
Avoiding theft is vital in the crypto space because raising the level of trust would definitely invite more investors and especially big names.
Theft is a massive issue in the cryptosphere and the latest reports claim that A total of $864 million worth of crypto was stolen from major exchanges in 2018, which is more than double the number of stolen funds reported in 2017.
The Dialy Hodl reported that BitGo is teaming up with trading firm Genesis Global Trading Inc. to launch its new cold storage trading feature. This is expected to go live by the end of January. We’ll see what happens after that.