BitGo, founded in 2013 in the USA by Mike Belshe and Ben Davenport, is a leading cryptocurrency storage platform aimed at both institutional investors and private users. The service offers a high degree of security thanks to multi-signature technology and encryption of access keys using the TSS (Threshold Signature Scheme) scheme. This makes it one of the most reliable solutions for storing digital assets.

Since 2018, BitGo Trust Company has been recognized as a qualified custodian by the central bank of South Dakota, which confirms the high security standards. In 2021, the company was acquired by Galaxy Digital for $1.2 billion. Mike Belshe continued to work on the development of the project as Deputy CEO of Galaxy Digital, while Mike Novogratz remains the formal head of BitGo.

The platform supports more than 500 cryptocurrencies and ERC20 tokens, and also provides services for large investors with a minimum turnover of $1 million. Some of the functionality has been available to private users since 2022. Additional services include the ability to create private blockchains for organizations and API access for integrating crypto payments into third—party programs.

BitGo also solves the problem of slow transactions faced by institutional clients, thanks to the BitGo Instant feature, which allows transactions to be processed with any resolution. The support and modernization of the platform has attracted the attention of major investors and exchanges such as the ZCash fund, Nexo, CoinDCX and Bitstamp. In 2014, the company received $12 million from Redpoint Ventures for further development, which contributed to its successful promotion in the market.

In 2022, BitGo entered the top 10 resources recommended by the official Bitcoin website, strengthening its position as a reliable solution for storing and managing cryptocurrency assets.

Functionality and technical specifications

BitGo is a high—tech cryptocurrency storage and management platform that combines advanced security features and broad functionality for various types of users. Founded in 2013 in the USA by Mike Belshe and Ben Davenport, the company has established itself as one of the leading players in the cryptocurrency storage market.

The key feature of BitGo is its advanced security measures. The platform uses multi-signature technology, which requires multiple signatures to confirm a transaction, which significantly increases protection against unauthorized access and fraud. Additionally, access key encryption technology using the TSS (Threshold Signature Scheme) scheme is used, which provides reliable protection of private keys and reduces the risk of their compromise. The multi-level security system includes multi-factor authentication, monitoring systems and regular audits to ensure comprehensive protection of accounts and transactions.

The platform supports more than 500 cryptocurrencies and ERC20 tokens, including popular assets such as Bitcoin, Ethereum and Litecoin. This allows users to manage a wide range of digital assets from a single wallet, simplifying the storage and transaction process. BitGo also regularly updates the list of supported assets, integrating new cryptocurrencies as they appear on the market.

BitGo offers services for both private and corporate users. A minimum turnover of $1 million has been set for business accounts, which makes the platform especially attractive for large investors and institutional clients. Private users can use limited functionality without the need for a contract, which simplifies access to services.

The BitGo Instant feature allows transactions to be processed instantly, which eliminates the problem of slow transfers, especially for large transactions. This feature ensures fast payment processing, minimizing delays and simplifying transaction management.

BitGo also provides the ability to create private blockchains, which allows organizations to create and manage their own private networks that meet high security standards. This is especially important for corporate clients who need additional protection and control over their data.

The platform supports API integration, which allows developers to integrate storage features into third-party applications and platforms. This opens up opportunities for creating customized solutions and simplifies the process of implementing crypto payments into existing systems.

Asset management on the BitGo platform is carried out through a multifunctional wallet that allows you to easily manage various cryptocurrencies, perform transactions, check the balance and monitor activity. The platform also provides functions for creating reports and analyzing transactions, which helps businesses effectively manage their digital assets.

In 2018, BitGo Trust Company was recognized as a qualified custodian by the central bank of South Dakota, which confirmed the compliance of the platform with high security and regulatory standards. The platform is actively supported by major funds and exchanges such as ZCash, Nexo, CoinDCX and Bitstamp, which indicates a high level of trust in BitGo.

BitGo is constantly updating and upgrading its services, adding new features and maintaining current cryptocurrencies. This makes the platform a reliable and modern solution for storing and managing digital assets, suitable for both institutional and private users.

Here is a list of BitGo alternatives with key features: Coinbase, Bitstamp, Gemini, Fireblocks.

Supported Cryptocurrencies 

BitGo supports a wide range of cryptocurrencies and tokens, giving users the opportunity to work with more than 500 digital assets. This makes the platform a universal solution for managing various types of cryptocurrencies. Among the supported assets there are both major and lesser-known cryptocurrencies.

First of all, BitGo supports major cryptocurrencies such as Bitcoin (BTC), which is the first and most well-known cryptocurrency, and Ethereum (ETH), a popular platform for smart contracts and decentralized applications. Bitcoin Cash (BCH), which is a variant of Bitcoin with an increased block size, and Litecoin (LTC), known as the "light" version of Bitcoin with a faster block generation time, are also available.

The platform also supports ERC20 tokens, among which are USDT (Tether), a stablecoin pegged to the US dollar and often used for trading and storing value, as well as UNI (Uniswap), a management token for the Uniswap decentralized exchange. In addition, LINK (Chainlink), a token for decentralized oracles, and MKR (Maker), a management token for the MakerDAO platform that manages the DAI stablecoin, are available.

The list of supported assets also includes tokens of other standards, such as Binance Coin (BNB), the Binance exchange token, and XRP (Ripple), a cryptocurrency focused on fast and cheap international transfers.

BitGo also supports smaller and niche cryptocurrencies such as Zcash (ZEC), focused on transaction privacy, and Tezos (XTZ), a smart contract platform with a self-managed update feature.

Equally important are cryptocurrencies with a high level of adoption, including Dogecoin (DOGE), a meme cryptocurrency that has attracted attention due to an active community and popular supports, and Stellar (XLM), a platform designed to facilitate transactions between different currencies and improve financial inclusion.

The BitGo platform also supports cryptocurrencies for institutional investors, such as Polkadot (DOT), a platform for creating various blockchains and their interaction, and Cardano (ADA), a smart contract platform focusing on a scientific approach to development.

BitGo is constantly updating and expanding the list of supported cryptocurrencies to include the most modern and sought-after assets. This allows users to effectively manage their digital assets within a single platform and take advantage of opportunities to diversify their investment portfolios.

Commissions and fees

BitGo offers several types of wallets with different fees based on the type of service used and the volume of transactions. Transaction fees depend on the network and the type of wallet you use, which allows you to choose the best option depending on your needs.

BitGo Custody is designed for financial institutions and large investors, offering access to cold storage and hot wallet via the Internet and API. This service provides a high level of security for asset storage and is suitable for corporate clients with a minimum account size of 1 million US dollars. The fees for this service depend on the volume and nature of asset storage.

The Business wallet is a multifunctional solution for transactions and support for trading more than 100 different coins and tokens. It is designed for businesses with a minimum transaction volume of $1 million per month. Fees vary depending on the volume of transactions, which allows businesses to adjust costs according to their transactional activity.

The BitGo Pay As You Go wallet is a hot wallet designed for private users. This wallet supports trading of major cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Bitcoin SV, Litecoin (LTC), Zcash (ZEC), Stellar (XLM) and Dash. The withdrawal fee is 0.25%, and for BTG and Bitcoin SV — 1%. This option is suitable for private users who want to flexibly manage their assets, taking into account low transaction fees.

Thus, BitGo provides a variety of wallet and commission options to meet the needs of both large financial institutions and private users, providing convenience and flexibility in managing cryptocurrencies.

Safety

BitGo is initially focused on large investors and has established itself as a reliable solution for storing and managing cryptocurrencies. The platform is trusted by major players such as exchanges, exchangers and cryptocurrency projects, including Ripple, CME Group and Celsius. The main priority of developers is the safety of customer funds, and in this regard, BitGo implements an integrated approach to security, including many advanced measures.

The platform offers confirmation of login from another device via email, which provides additional protection if an attempt to log in is made from a new device. Users receive email notifications, which allows them to quickly respond to potential threats. In addition, a log of all actions is kept in the personal account, which ensures transparency and the ability to track activity, which is critical for ensuring security and preventing fraud.

For corporate clients, there is an IP whitelist feature that restricts access to the account only from pre-approved IP addresses, minimizing the risk of unauthorized entry. Cold storage of cryptocurrencies has also been implemented, in which funds are stored on the company's secure servers, completely isolated from the Internet. This eliminates the possibility of remote hacking and ensures the highest level of security.

BitGo users receive quarterly reports and risk assessments, which allows them to respond to any threats in a timely manner. The platform also provides asset insurance for up to $250 million for corporate accounts, with the option to purchase additional insurance for up to $600 million. This adds an additional level of protection and confidence in the safety of funds.

Mandatory two-factor authentication adds another layer of protection when logging in and conducting transactions. The platform is subject to regular security audits, which allows you to identify and eliminate potential vulnerabilities and maintain a high level of protection.

Access control provides limited access functions for a certain group of people and cost limits for each authorized user. This allows you to precisely control who can perform certain actions and how much money can be spent. An important technological feature is multi-signature, which requires multiple signatures for transactions. This significantly reduces the risk of errors and fraud. BitGo requires at least two out of three keys to authorize transactions, one of which is stored on the developer's server.

Additionally, key encryption technology (TSS) is used, which distributes signatures between several participants, which provides a high level of protection and reduces the risk of losing access to funds. The platform also includes multi-level security, which combines multi-factor authentication, monitoring and access control systems, as well as regular security audits for comprehensive protection.

From a regulatory perspective, in 2018, BitGo Trust Company was recognized as a qualified digital asset repository by the central bank of South Dakota, which confirms the platform's compliance with high security and regulatory standards. BitGo strictly complies with all applicable regulatory requirements and standards, which is especially important for institutional clients and businesses operating in the field of regulated financial services. These measures make BitGo one of the most reliable and secure solutions for storing and managing digital assets.