BitGo

The rise of cryptocurrency has transformed the financial landscape. The deluge of technology that is being implemented through crypto affiliates is reaching a crescendo. From wallets to cold storage for funds safekeeping, companies are rebuilding the banking sector for the future. One such company that stands out amongst a sea of innovation is BitGo.

BitGo Overview

BitGo came into being in 2013 when its founder and current CEO, Mike Belshe, was impressed with the performance of Bitcoin. The rise of Bitcoin made him dive deeper into cybersecurity, resulting in creating the multi-signature wallet, the first of its kind and commercially ready, BitGo. It is based out of Palo Alto, California, United States, and has raised $69.5 m through 6 rounds of funding. The latest round of funding was submitted on December 8, 2020.

How many cryptocurrencies are available to trade?

BitGo processes over 20% of all the global Bitcoin transactions and supports approximately 200 coins and tokens. Being a multi-currency platform, BitGo offers multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Wrapped Bitcoin, Litecoin, Ripple, Ethereum, Ethereum Classic, Dash.

Payment Methods Supported by the Exchange

BitGo only allows cash deposits in USD through wire transfers. Once the wire is received and authenticated, the cash balance is updated in the USD wallet in the BitGo app. Users insert the wiring info directly into the wallet/BitGo App (or API)  to validate the AML, KYC procedures, after which BitGo allows the wire transfer to be complete. The multi-signature security that BitGo provides protects the wallet from illegal entry and hacking attempts.

BitGo Fees 

The transaction fee is based on the wallet one is using. BitGo offers variable fees:

  • BitGo Custody: This service is solely designed to hold digital assets of financial houses. It supports both hot and cold storage and can be accessed through the web and an API. The minimum account value must be USD 1 million. The fees vary with volume.
  • Business Wallet: This is a secure wallet solely meant for transactions. It supports more than 100 cryptocurrency coins and tokens. The minimum transaction amount has been fixed at $1 million per month. The fees again vary with volume.
  • BitGo Pay as you Go wallet: This is a hot wallet for individual investors. The following coins are allowed for trading here:

BTC, BCH, BTG, Bitcoin SV, LTC, Zcash, XLM, and DASH. 

0.25% is charged per withdrawal and 1% for BTG and Bitcoin SV. You can click on the link to read more about the fees: https://www.bitgo.com/services/custody/wallet-platform

Are my funds safe – What if the exchange gets hacked?

BitGo comes with multiple security features. 

  • Protection against Hacking: The Private Keys are generated offline and do not have access to the virtual world thus, reducing the risk of illegal entry and hacking. 
  • Security of Cold Wallets: The cold wallet offered by BitGo follows one of the most secured methods of storing digital assets i.e. via BitGo’s proprietary multi-signature technology.
  • Storage of Private Keys: There are validation procedures for the generation and storage of private keys too. This assists in keeping all digital assets in the wallet safe. 
  • IP Address allowlist: BitGo provides the IP Address allowlist which needs to be confirmed every time a user signs in from a different device.

Does it provide a smooth user interface?

BitGo provides seamless and smooth usage. The setting up of an account is simplified into seven steps:

  1. Selection of the account type: 
  • An individual account where the fees are paid per transaction 
  • Enterprise Account 
  1. Provide the personal information and complete the sign-up.
  2. Email sent to the registered email id.
  3. Email verification completed
  4. Log In
  5. Set up the 2FA 92-Factor-Authorisation
  6. Download Key Card. One can copy or download the recovery seed and keep it safe.

After the entire process is complete, the selection of tokens will take place, after which the wallet will be created. BitGo does not ask for personal information from individual users.

Is the exchange available in my country?

BitGo is available in around 50 countries and is trusted by over 400 institutional clients. It has over $16 billion worth of digital assets under custody, as reported on December 21, 2020. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. 

Does the exchange provide enough liquidity?

Liquidity is an essential factor illustrating the financial stability of any company. For BitGo, security and liquidity go hand and hand, and the positions are evaluated continuously. One of the reasons BitGo allows clients to trade directly from their BitGo Trust accounts is to provide direct access to liquidity. However, the pertinent thing to note is that BitGo’s multi-platform technology enables quicker turnaround under stringent security parameters.

Final Words

BitGo, offering a full-scale solution that enmeshes technology with seamlessness, has been a winner amongst a large group of investors. It is also the pioneer of the commercially available multi-signature wallet that protects the cold storage of digital assets from any virtual attack. BitGo also processes almost 20% of all Bitcoin transactions globally, making it one of the most trustworthy cryptocurrency wallets in the business. With a user-friendly interface and easy access to liquidity, BitGo is undoubtedly on its way up.

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