News
In a recent interview with Bloomberg, Mike Belshe, CEO of crypto exchange BitGo, stated that the market structure needs to improve before the U.S. SEC approves Bitcoin ETFs.
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BitGo News
BitGo is a blockchain company that was founded in 2013 by Mike Belshe and Ben Davenport and the main office is currently headquartered in Palo Alto, California. The main goal of the company is the BitGo digital wallet that was initially an online storage only for Bitcoin though the system now supports almost all of the popular altcoins. This web wallet can be connected to any device and the mobile version of the BitGo app allows users to keep the key for it on the gadget. There are two versions of the platform, such as for private and business use and the main difference between them that the second one has access to the large, verified cryptocurrency trading platforms. Besides cryptocurrency online storage, the BitGo wallet offers special tools for keeping digital money and other kinds of assets offline.
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BitGo originally announced it was setting up two regulated custodial entities in Germany and Switzerland in February 2020.
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KEB Hana Bank and BitGo plan to launch a joint cryptocurrency custody venture in the second half of 2024.
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This week’s Crypto Biz explores the Binance Connect shutdown, BitGo’s funding round, the PayPal Crypto Hub and other news.
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BitGo’s Series C funding featured entirely new investors based in the United States and Asia, CEO Mike Belshe said.
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Vice Chancellor J. Travis Laster of the Delaware Court of Chancery said Galaxy had a “clean termination right” to the acquisition of BitGo, which it announced in 2022.
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Should the deal go through, Prime Trust’s infrastructure will “map over 1:1” with BitGo’s services and add another trust company and crypto IRA fund.
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The Web3 wallet allows institutions to control which employees are allowed to use the tokens held within it.
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BitGo has patched a previously flagged vulnerability relating to early access Ethereum-based TSS wallets.
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According to Mike Belshe, the United States Securities and Exchange Commission’s reluctance to address a “basic” regulatory issue like the issuance of a BTC ETF could have paved the way for FTX’s alleged illicit activities.
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Mike Belshe, CEO and co-founder of BitGo, explains how decentralized finance will disrupt traditional finance through use cases like automated market makers.
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BitGo has accused Galaxy of “improper repudiation” and “intentional breach” of the merger in a lawsuit filed with Delaware Chancery Court.
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“Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more,” said R. Brian Timmons.
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After announcing plans to acquire BitGo in May 2021, Mike Novogratz’s Galaxy Digital has eventually dropped the deal but is still pursuing a listing in the United States.
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The acquisition is scheduled to follow Galaxy's domestication in Delaware, which is expected to become effective between Q2 and Q4 of 2022.
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