BitGo to Accept Fiat Deposits

BitGo belives new option will significantly speed up operations and make fiat operations easier
30 January 2019   541

Californian startup BitGo announced that institutional customers can now deposit funds in fiat using the service BitGo Trust.

According to BitGo representatives, the new option will significantly speed up operations and make it easier for fiat-based “unregulated liquidity providers” to work with fiat.

For liquidity providers who are not regulated to hold fiat or digital currencies, easy access to fiat reduces trade settlement time. Without a fiat account, traders must transfer money each and every time they want to execute a buy order. This process is both time consuming and cumbersome, relying on external parties for wire transfers as well as the transfer of assets between accounts. More importantly, a delay in getting coins to market can cause market risk in price fluctuations.
 

Olivia Lovenmark

BitGo

BitGo and Genesis Global Trading OTC service are seeking to simplify access to liquidity to institutional investors.

BitGo to Stop Bitcoin SV Support

The reason is that the upcoming Genesis hardfork will make receiving transfers in BSV on BitGo multi-signature wallets impossible
18 December 2019   263

The custodial service BitGo this Wednesday notified users of the impending cessation of support for the Bitcoin SV cryptocurrency. The decision is caused by the Genesis hard fork, which will be held on February 4, 2020 and will make receiving transfers in BSV on BitGo multi-signature wallets impossible.

This consensus rule change will make Pay-to-Script-Hash (P2SH) outputs invalid. Since BitGo’s BSV wallets use P2SH-based multi-signature addresses, the protocol change will render BitGo BSV wallets unable to receive funds.

 

BitGo

After the hard fork, BitGo users will still be able to spend the assets on their wallets in BSV. However, BSV transactions received in BitGo wallets will be deemed invalid, including those used to return part of the funds in the transaction output after it is sent from the BitGo wallet.

As a possible solution, the company offers users to contact her via email to convert BSV to bitcoins. Alternatively, they can withdraw their assets in BSV to a third-party wallet.