EU’s Biggest Exchange, Bitstamp, to Use BitGo Custody for Crypto Assets’ Custodial Services
One of Europe’s oldest cryptocurrency exchanges and largest in daily traded volume, Bitstamp, is extending it's partnership with the crypto custodian, BitGo. The custodian will securely store Bitstamp’s cryptocurrency assets in its cold wallet storage starting on 10, October 2019.
BitGo Custody Secures Bitstamp’s Digital Assets
In a press release, Bitstamp announced the transfer of digital assets to BitGo Custody this Thursday. The Luxembourg based exchange will further benefit from the $100 million insurance policy in case of a hack or loss of funds by the custodian. This ensures users will always have ready access to their funds.
The two companies have been in a close relationship in the past few years and the custodianship by BitGo is the next step to their relationship. Speaking on the latest partnership with BitGo, the CTO at Bitstamp exchange, David Osojnik, said,
“Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange. But, more than that, they have proven to be a great partner, committed to our mutual success as well as the further development of our industry.”
Mike Belshe, CEO, BitGo, was equally excited with the partnership with Bitstamp which he labeled “one of the most highly-regarded exchanges in the world.” He further said,
“[Bitstamp] chose BitGo Custody because we understand what they need to run their business. Institutions need a lot more than an app with pretty charts. They need proper security, which includes technology, people, and processes, and they need exceptional client service. We’re proud to have earned Bitstamp’s trust and their business.”
BitGo adds DASH and Algo Staking Rewards
On Oct. 3, BitGo announced the addition of staking services for Dash (DASH) and Algorand (ALGO) tokens promising up to 13% returns on their holdings annually. According to the press release, investors will be able to use the tokens while in staking helping them earn returns on their investments without moving their digital assets from the platform.