BitGo Announces Acquisition of Financial Platform Lumina; Unveils Wallet Platform “BitGo Portfolio & BitGo Tax”

BitGo, a digital asset financial services provider, recently announced it has acquired Lumina, a financial platform for managing digital assets. BitGo reported that with the acquisition, it introduced its next-generation wallet platform:

  • BitGo Portfolio: Clients can now bring data from any exchange or wallet into a single dashboard for a consolidated view of their entire digital asset holdings and activity, regardless of where those assets are stored or transacted
  • BitGo Tax: An institutional-grade tax solution that is fully integrated with BitGo Portfolio. Provides the tax basis for resolved transactions and respective tax lots while BitGo Portfolio tracks and logs these activities to create an audit-ready system of record

The company further revealed:

“We at BitGo have been working with the world-class team at Lumina for some time as partners and clients. We are incredibly fortunate to have them bring their incredible skills, knowledge, and expertise BitGo which will help across all areas of BitGo. The founders of Lumina are taking leadership positions within BitGo, and Chen Fang, CEO of Lumina will be taking the role of Chief Product Officer for all BitGo products.”

The acquisition comes less than two months after BitGo received a New York Trust license to operate as an independent, regulated qualified custodian under New York State Banking Law. BitGo reported that the charter was issued by The New York State Department of Financial Services (NYDFS) enabling the company to provide custodial services for New York clients, who are seeking to secure large amounts of digital assets with is claimed to the highest level of security, regulatory oversight, and operational efficiency.

BitGo New York Trust will offer the following:

  • Regulatory oversight from one of the preeminent state regulators (NYSDFS)
  • KYC/AML compliance controls
  • Independently verified system controls (SOC 2 Type 2)
  • Offline “Cold” storage of cryptographic keys in bank-grade Class III vaults
  • Most transparent and comprehensive insurance coverage on the market today up to $100M in digital assets
  • Ability to purchase Excess Specie Coverage
  • Depth and breadth of cryptocurrency experience
  • Multi-Signature cryptographic technology
  • Fast onboarding
  • 24/7 support
Sponsored Links by DQ Promote


 


Send this to a friend