In an official statement on October 9, the Luxembourg-based cryptocurrency exchange revealed that BitGo would provide custodianship of its digital assets. The Bitcoin (BTC) exchange will begin moving assets to BitGo’s wallets on October 10. Bitstamp CTO David Osojni stated:
“BitGo has been one of our most trusted partners for many years and this is a natural extension of our relationship. Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange.”
The official statement further expresses that with BitGo Custody, Bitstamp’s assets will be secured totally in cool stockpiling in bank-grade vaults and secured by BitGo’s $100 million insurance policy.
Bitstamp is at present the eleventh biggest digital currency exchange by daily trade volume, as per information from Coin360. The exchange at present has a published 24-hour volume of $150.7 million.
It was previously reported that BitGo introduced another staking service for customers who store their assets with its qualified custodian subsidiary BitGo Trust. The new feature will initially launch with altcoins Algorand (ALGO) and Dash (DASH).