BitGo CEO: new Cold Storage solution can bring “a trillion in the market”
Home News BitGo CEO: new Cold Storage solution, “trillion in the market”
Marcus Misiak –
The crypto-currency Wallet provider BitGo brings a Cold-Storage solution on the market, with the objective to bring large amounts of institutional money in the crypto market. Until the end of January institutional investors on BitGo’s Cold Storage solution crypto to currencies in a safe place and at the same time can buy and sell.
Large investors that have reduced because of the billion-theft problem in the industry on cryptocurrencies, will soon have a new trade route that is advertised as a safer solution. By the end of the month, the customers of BitGo, Inc. to be able to buy Bitcoin, Ether and other crypto currencies, or sell, without the Coins ever leave the Cold Storage, in other words, you will remain on devices that are not connected to the Internet, which makes it more difficult to Steal. BitGo offers this through a partnership with Genesis Global Trading Inc. to, a trading company.
With this security, BitGo wants to attract new institutional investors in the crypto market. Users of the service can buy crypto-currencies on a high level of security, since you know that you have purchased coins are completely disconnected from the Internet, and harder to steal. Mike Belshe, CEO of BitGo, told Bloomberg that he “wants to introduce the structure of the market in crypto, which has never happened before”. The opportunity to buy in the Offline mode, or to sell, it means that the Coins will not be sent to stock exchanges, what is the risk of theft, human error, or violations of the Compliance requirements reduced.
Belshe says that crypto is here to stay, and believes that the amount of the “institutional money in the room easily in the trillions”. In order for this to happen, needs to be created, in his view, nachaber a clearer structure of the market, to investors in traditional investments such as stocks or Futures are used to. For much of the crypto currency market exchanges such as Coinbase, or Gemini as a trade act court, a Broker-Dealer and Custodian, an All-in-One approach to change the traditional way of attracting money, said Belshe.
The announcement was made in connection to the first crypto-Exchange-Hack of the year. The new Zealand stock exchange Cryptopia on 15. January is known that the stock exchange has suffered a security incident, which led to “significant losses”. Hacking is a big Problem. In the year 2018 were stolen on major stock exchanges, a total of 864 million dollars in crypto, more than twice as much as 2017.