The crypto custodian firm BitGo has acquired HeightZero, a software platform tailored for wealth managers looking to integrate cryptocurrencies and digital assets into their clients' portfolios. While the financial details of the deal were not disclosed, this development highlights BitGo's ambition to expand its presence in the cryptocurrency space.
Mike Belshe, the CEO of BitGo, said: "We've been proud to have partnered with HeightZero over the past several years and to be a part of their incredible growth. This acquisition is a doubling down in the space for BitGo, HeightZero, and our clients. We look forward to maintaining HeightZero's leadership position, while increasing the safety, security, and features provided in the joint products."
BitGo Bolsters Wealth Management Solutions
HeightZero specializes in providing wealth managers with a suite of software tools designed to facilitate the inclusion ofcryptocurrencies in their clients' portfolios. This includes services, such as portfolio rebalancing, statement generation, tax loss harvesting, and automated billing for cryptocurrency investments. Notably, HeightZero had already been using BitGo's custody solutions for some time before officially joining BitGo.
Today we are announcing BitGo's acquisition of HeightZero.Together we will provide RIAs and their clients with everything they need to manage digital assets from one platform.Help us welcome them to BitGo! ????https://t.co/ZCU8k8tB1J pic.twitter.com/f1UmpkMHSU
— BitGo (@BitGo) October 17, 2023
The acquisition of HeightZero signifies BitGo's commitment to providing a comprehensive suite of solutions for wealth managers looking to navigate the cryptocurrency landscape. The company aims to empower wealth managers to embrace cryptocurrencies and seize the opportunities they offer.
BitGo's Strategic Expansion
Recently, BitGo secured USD $100 million in funding. This funding boosted its valuation to $1.75 billion. Besides that, BitGo partnered with KEB Hana Bank, one of the largest financial institutions in South Korea, in September. The primary objective of this collaboration was to jointly establish digital asset custody services within the country.
In June, BitGo abandoned its previously planned acquisition of Prime Trust, a rival firm, despite both parties having reached a preliminary agreement. BitGo took to Twitter to announce its change of plans: "This decision was not made lightly, and BitGo remains committed to our mission to deliver trust in digital assets."
Subsequently, Prime Trust filed for Chapter 11 bankruptcy protection in August. This action marked the latest chapter in the troubled journey of the financial technology company, which has encountered several challenges over the past year, ranging from regulatory troubles to the collapse of an acquisition deal.
This article was written by Jared Kirui at www.financemagnates.com.
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