Canada’s Netcoins Custody To Launch With BitGo Trust Company As Service Provider
Netcoins Picks Custodian For Launch Of The Canadian-Based Custody Solution
Netcoins Holdings Inc. recently announced that they had come to an agreement with BitGo Trust Company. It will act as the custodian for the Netcoins custody solution. This follows software integration. The Netcoins Company will launch the Netcoins Custody in Q1 2019.
Custody is an important component of any full-service crypto company and brokerage. Netcoins knows this and they picked BitGo, which is a market leader for institutional crypto financial serviced to offer the back end tech and infrastructure that is needed for the successful launch of the Netcoins Custody.
How BitGo Works
BitGo offers investors at the institutional level compliance, security, and custodial solutions for blockchain-powered crypto. BitGo is the biggest processor of on-chain BTC transaction. It processes about 15% of all BTC transactions. In any month, it processes $15 billion across the various crypto coins. The company’s customer base includes the world biggest crypto exchanges and has a presence in over 50 nations. Craft Ventures, Galaxy Digital Ventures, Goldman Sachs, Valor Equity Partners, Redpoint Ventures, and DRW are the backers of BitGo.
According to the VP of sales at BitGo, Netocoins wants to use the most compliant and secure custodian. After a thorough evaluation, they decided BitGo was the way to go. He added that they were happy to work with Netcoins to expand the access to digital assets.
The CEO of Netcoins said they were thrilled to bring institutional grade custody for crypto assets to the Canadian market via BitGo. He also mentioned that the company happened to be the first qualified custodian that was built specifically for crypto. The CEO noted that Custody was an important component for institutional adoption. Besides that, it was important for the enabling of traditional brokerage services to sell crypto to retail buyers. He concluded by saying they would forge on with the creation of a full-service company for crypto. This was just another step forward for Netcoins.
Netcoins develops software that is used in ensuring that sale and purchase of crypto are accessible to the masses and investors. They want to achieve this via brokerages. Netcoins had made crypto transactions possible via over 171,000 retailers around the world. They also have self-service crypto purchase portals and an OTC trading desk.
BitGo is a market leader for crypto financial services for institutional grade clients. It offers custodial solutions, security, and legal compliance. The company was the first to introduce the first multi-sig hot wallet back in 2013.
The company supports more than 100 tokens and coins. In the wallet, it has more than $2 billion in assets. The customer base for this company is far-reaching. Some of the largest exchanges in the crypto world work with this company. In 2018, they introduced the BitGo Trust Company, which became the first qualified custodian for the storage of digital assets, purpose built. One reason it is so trusted is that it has the backing of some of the most trusted names in the fiat world such as Goldman Sachs.