Understanding BitGo Trust’s Cryptocurrency Custody and Cold Storage Services for Genesis’ Institutional Clients

It is reported that BitGo Trust, a cryptocurrency custody company, will provide qualified custody and cold storage services for assets held by institutional clients representing Genesis. BitGo provides $250 million in insurance and holds SOC 1 Type 2 and SOC 2 Type 2 certifications, as well as compliance tools to measure the risks associated with technology solutions.

Genesis collaborates with BitGo Trust to develop agency hosted products

As cryptocurrency becomes increasingly popular, more and more institutional clients are looking for reliable solutions to store and manage their digital assets. BitGo Trust, a leading provider of cryptocurrency custody and security solutions, has recently announced that it will provide qualified custody and cold storage services for assets held by institutional clients representing Genesis.
In this article, we will explore the services offered by BitGo Trust and how they will benefit Genesis’ institutional clients. We will also delve into BitGo Trust’s security measures and certifications, highlighting how they ensure the utmost safety and protection for clients’ assets.

The Services offered by BitGo Trust for Genesis’ Institutional Clients

BitGo Trust offers a range of services to institutional clients, including qualified custody and cold storage solutions. Qualified custody refers to the safekeeping of assets in a secure and regulated environment. BitGo Trust’s qualified custody services meet the requirements of the SEC’s Custody Rule, providing clients with the assurance that their assets are safe and secure.
Cold storage, on the other hand, is a method of storing digital assets offline, where they are not connected to the internet. This method is widely considered to be the most secure way to store cryptocurrencies, as it ensures that they are protected from potential hacks or cyber attacks.
BitGo Trust’s cold storage services provide institutional clients with the ability to store their digital assets in multiple offline locations, ensuring that they are protected even in the event of a physical disaster.

BitGo Trust’s Security Measures and Certifications

BitGo Trust takes security extremely seriously, employing a range of measures to ensure the safekeeping of clients’ assets. These measures include advanced multi-signature technology, 24/7 monitoring, and real-time alerts.
BitGo Trust is also fully insured for up to $250 million, providing clients with added peace of mind. In addition, the company holds SOC 1 Type 2 and SOC 2 Type 2 certifications, which ensure that BitGo Trust’s security protocols and procedures adhere to industry standards and best practices.
Another important aspect of BitGo Trust’s services is their compliance tools, which enable clients to measure the risks associated with their technology solutions. This allows clients to make informed decisions and ensures that they are in compliance with applicable regulations.

Conclusion

BitGo Trust’s announcement that they will provide qualified custody and cold storage services for assets held by institutional clients representing Genesis is an important development in the cryptocurrency industry. By using BitGo Trust’s services, institutional clients can rest assured that their digital assets are safe and secure.
BitGo Trust’s commitment to security, as demonstrated by their multi-signature technology, 24/7 monitoring, and real-time alerts, as well as their compliance tools and certifications, make them a reliable choice for institutional clients looking to store and manage their cryptocurrency assets.

FAQs

1. What is qualified custody?
Qualified custody refers to the safekeeping of assets in a secure and regulated environment that meets the requirements of the SEC’s Custody Rule.
2. What is cold storage?
Cold storage is a method of storing digital assets offline, where they are not connected to the internet. It is widely considered to be the most secure way to store cryptocurrencies.
3. What certifications does BitGo Trust hold?
BitGo Trust holds SOC 1 Type 2 and SOC 2 Type 2 certifications, which ensure that their security protocols and procedures adhere to industry standards and best practices.