Crypto Custody with Ben Chan CTO of BitGo

A custodian holds customers’ securities for safekeeping in order to minimize the risk of their theft or loss. The main utility of cryptocurrency custody solutions lies in the safeguarding of cryptocurrency assets. Private keys, which are used to conduct transactions or access crypto holdings, are a complex combination of alphanumerics private keys. They are extremely difficult to remember and can be stolen or hacked. Online wallets are a potential solution but recent events have demonstrated their susceptibility to hacks. The same is true of cryptocurrency exchanges.

BitGo is the market leader in institutional cryptocurrency financial services, providing clients with security, compliance, and custodial solutions. In 2013, BitGo introduced the industry’s first multi-signature hot wallet. Today, BitGo is the world’s largest processor of on-chain Bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo supports over 100 coins and tokens, and has over $2 billion in assets in wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, the company introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.

In this episode, Ben Chan, CTO of BitGo, joins me for a conversation about the company, how to secure crypto assets, and the future of custody.

Transcript

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