BitGo Bought Kingdom Trust Company

Kingdom Trust Company manages more than $ 12 billion, and the number of customers exceeds 100 000
26 January 2018   154

BitGo, the leading supplier of Bitcoin solutions, announced the signing of an agreement providing for the full purchase of the Kingdom Trust Company, an asset management company based in South Dakota.

As stated in the joint press release of companies under the management of the Kingdom Trust Company is more than $ 12 billion, and the number of customers exceeds 100 thousand.

The agreement was signed on January 11, and BitGo acquires the Kingdom Trust Company and Kingdom Services after appropriate approval of the regulators. Financial terms of the transaction between the parties were not disclosed.

Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios. BitGo has established itself as the digital security leader, and Kingdom Trust has served as a 40 Act qualified custodian for almost a decade and has developed the expertise required by institutional investors necessary for compliance with the Act. Both companies are working toward safety of money and assets. BitGo and Kingdom are building products for the future - marrying the new technology with the safety and controls all investors require.

Mike Belshe 

CEO of BitGo

The Kingdom Trust Company meets all requirements of the US $ 408 Tax Code and acts as a qualified fund manager under the Investment Advisors Act of 1940.

According to BitGo, the services offered by the Kingdom Trust Company in combination with their own security solutions will lead to the emergence of a one-of-a-kind organization offering ample opportunities for institutional investors. The latter will not only offer unique investment crypto-currency products, but also the highest level of security and protection of funds.

First SegWit transaction made on BitGo wallet

First Segregated Witness transaction carried out on a BitGo wallet
25 August 2017   1616

Bitcoin wallet BitGo developers report on the first SegWit transaction in the main Bitcoin network. Notably, BitGo started the updating of the software, designed to provide support for Segregated Witness, even before the activation of the protocol. 

Benedict Chan, Director of Engineering at BitGo, shares the news on his social media:

According to the company's report, as SegWit activates on the Bitcoin network, BitGo is to start to roll out SegWit to all BitGo wallets. The plan is to immediately launch with a few select customers while BitGo observes production operation. Assuming it works as expected for a few days, the company will release final versions of our SDK and begin rollout of SegWit to all BitGo wallets. 

BitGo Web Wallet users do not need to do anything to take advantage of SegWit as it will be automatically enabled. BitGo API customers can activate SegWit at any time by upgrading their copies of BitGoJS, BitGoD, and BitGo Express once the final SegWit-activated versions are released.

BitGo support team

Among the benefits that BitGo users will receive as a result of SegWit activation, the developers highlight these two:

  • BitGo’s multi-signature transactions will cost about half the fee that they used to cost prior to SegWit.
  • By enabling SegWit, you will be reducing the transactional weight of your transactions on the blockchain, freeing space for other transactions and helping Bitcoin scale.