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Chartered in December, public in January: How BitGo’s growing

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Chartered in December, public in January: How BitGo’s growing

Crypto-curious banks have been knocking on BitGo’s door more often since it nabbed an unconditional OCC charter, according to an executive.

LAS VEGAS – BitGo has had a big 18 months. The digital asset infrastructure and crypto custody company was granted an unconditional national trust charter in December, five months after applying to convert from a South Dakota state charter.

Then, in January, the company went public, debuting on the New York Stock Exchange with a $2.59 billion valuation.

Perhaps unsurprisingly, the pair of developments “gave us some strong tailwinds,” Frank Wang, BitGo’s managing director and head of North America fintech sales, said in an interview at the Money20/20 conference in Las Vegas.

Interest from financial institutions has been “noticeably stronger” and “steadily increasing” ever since, Wang said – including two requests for proposals from large financial institutions Tuesday alone.

“The reason that helps is as we are looking to enable highly conservative, regulated financial institutions to touch digital assets,” Wang said. “For a lot of these banks, they're super conservative, super bureaucratic – and for anything to get done, you have to satisfy risk compliance.”

Many of the banks’ internal stakeholders, he said, are newer to crypto but interested in exploring stablecoins and tokenized deposits so as not to be “left behind” by peer banks. But building the infrastructure to hold up these products is expensive, he said.

BitGo offers banks two options: a bank can either use BitGo’s software to manage digital-asset wallets and custody the assets itself; or a bank can have BitGo Bank & Trust custody digital assets.


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