Bitcoin Global News (BGN)
July 11, 2018 -- ADVFN Crypto NewsWire -- How do we move the Crypto space closer to the traditional world of investing?
BitGO is a company that believes they are leading the charge. Following in the footsteps of Coinbase and others, they are essentially trying to roll out a crypto investing platform that works at scale for large financial institutions.
Unlike Coinbase and those who have come before them, BitGO appears to be the only one offering a large suite of ERC20 tokens to institutional investors. Remember that an ERC20 token is a Cryptocurrency or Blockchain project that used the Ethereum network to ICO and therefore, roll out its entire offering.
According to Coindesk, this offering is unique and could spell a competitive advantage for BitGO in that no other companies have targeted ERC20 tokens towards large, traditional financial companies like JP Morgan and BNY Mellon.
Judging by the opinions of BitGO executives, this decision has also been made based on some sort of hard data that indicates a hike in demand for what are called “custody solutions” for assets like ERC20 tokens.
Overarching all of this is the fact that like Coinbase, BitGO is trying to become licensed, which seemingly includes obtaining a BitLicense in New York as well as what can be termed a “qualified custodian license,” in South Dakota.
What this all boils down to is that they will offer a fully regulated exchange with basically no risk of being shut down by lawmakers for any reason.
As to what the greater future holds, according to BitGO, by the end of 2018, they hope to have a total of more than 100 different cryptocurrencies on their institutional exchange.
In any case, given that no company has tried this at this scale before, their offering bears watching as it unfolds.
By: BGN Editorial Staff