Formosa Financial Adds BitGo Crypto Custody Service to Its Digital Asset Tool Set
Formosa Financial is a platform that is known for the one-stop financial services it offers involving the management of digital assets. In an effort to give their users more, they have decided to get involved with BitGo, which is the leader of security for institutional-grade cryptocurrency.
In this collaboration, BitGo will be offering their custodial services through Formosa, helping to manage each user’s digital assets.
After Formosa Financial managed to reach their hard-cap in a private funding round only five months ago, they hope to eliminate many of the issues that blockchain technology is presently facing. With a new single point of access, users will have
“a single point of access to custodial, brokerage, and risk management tools for digital assets,” according to a CCN press release.
CEO for Formosa Financial, Ryan Terribilini, said, “BitGo is a natural foundational choice for our services here at Formosa Financial – their combination of deep technical experience and regulatory compliance surrounding challenging issues in digital asset custody are a great resource for us as we work to scale our platform and partnerships to grow our service offerings.”
The authorities in the US recently established regulatory approval for BitGo, which gives them an “advantage as a market-leading qualified custodian operating in a fast-evolving space,” according to the press release.
Right now, BitGo’s services are used by several institutions, including, “Ripple, Bitstamp, SBI Holdings, CME Group, and The Royal Mint (Her Majesty’s Treasury). Lorne Lantz, who is the CTO for Formosa Financial, commented,
“BitGo’s management of private keys and API is the perfect balance in providing convenient access to funds while ensuring the highest level of security in the industry.”
BitGo will providing FF clients with impressive security, currency support, and policy controls, once the multi-signature wallets and other solutions are integrated to the Formosa Financial platform.
When combined with the services that Formosa Financial already offers, the clients will have access to a treasure management system that is much easier for users to handle.
Right now, BitGo processes more on-chain bitcoin transactions than anywhere in the world, which is about 15% of the global bitcoin transactions. For all cryptocurrency, it handles about $15 billion per month. Formosa Financial focuses on a single point of entry into the cryptocurrency industry to make these investments and trades easier for participants in the space.