Global crypto finance service provider Amber Group announced BitGo Trust as its qualified custodian for its institutional investors and traders.
Amber Group is a renowned name when it comes to high-frequency trading and crypto financing for institutional investors. The firm is trying to use its industry experience in partnership with the BitGo to expand its offerings. The firm wants to expand its market reach to next-generation cryptocurrency traders as well as high net-worth investors.
Amber says BitGo is the right custodian partner
Amber Group says it chose BitGo for its collaboration because of the company’s user policy controls, compliance tools, and battle-tested institutional-ready custody used in securing customers’ assets.
Another major factor that swayed Amber Group towards BitGo is the benefit of issuance. Last year, BitGo launched the most expansive and comprehensive insurance policy for digital assets, including the $100 million as protection against assets held in custody. It provided a certain level of assurance of digital assets protection that isn’t common in the industry. The assurance of funds protection is one reason why Amber Group choose BitGo as a partner in this new project.
BitGo is offering protection for funds held in its custody via the European marketplace and a syndicate of insurers in the Lloyd’s of London.
The clients who buy Excess Specie Insurance, as it is called, will stand as Dedicated Customer Loss Payee in the insurance policy, which offers an extra level of insurance protection.
The partnership will transform future finance
Chief executive officer of BitGo, Mike Belshe, has commented on the partnership. He said the partnership with Amber couldn’t have come at a better time, as Amber group has a leading edge in crypto innovations. Belshe further stated that the team at Amber was carefully selected, and they are all seasoned professionals, which is why the partnership with the firm is great.
He further reiterated that BitGo would be providing the custody infrastructure, liquidity, and security necessary for the transformation of future finance via the collaboration.
The Chief executive officer of Amber Group, Michael Wu, has also commented on the development. He pointed out,
“As we scale our operations into more jurisdictions, we prioritize partnering with reliable and well-reputable infrastructure providers like BitGo.”
He further said that the Amber group’s daily operations require the successful implementation of rigorous security measures. The company must choose the right partner committed to asset protection more than anything else in the industry.
Amber was founded in 2017 and has grown to become a top crypto-finance service provider, with more than 200 institutional clients worldwide. It has received funds from institutional partners like Coinbase Ventures, Fenbushi Capital, Blockchain.com, Dragonfly Capital, and Polychain Capital.
Amber says it’s committed to bringing professionalism and more transparency to the cryptocurrency market.