Institutional Cryptocurrency Custodian BitGo Acquires A Financial Platform To Facilitate Portfolio Management

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The digital asset trust and security company, BitGo, announced the acquisition of the comprehensive crypto-native financial platform Lumina. Thus, the firm will expand its business operations to provide institutional digital asset investors additional services for their holdings.

BitGo Acquires Lumina

Founded in 2013, BitGo is amongst the largest digital asset platforms for institutional investors. Earlier today, the firm announced in a press release its latest expansion by purchasing Lumina.

By utilizing the latter’s cryptocurrency-native financial platform, BitGo will accommodate its institutional clients with a dashboard for managing, tracking, and accounting the entirety of their digital asset holdings and activities across wallets, service providers, and exchanges. BitGo already completed the first phase of product integration.

BitGo Tax will also equip customers with data analytics, tax, and reporting capabilities. All of those front-to-back office tools will empower institutional investors to have full control over their positions on one platform.

Established in 2018, Lumina had several notable venture capitalist firms standing behind it. Those included Craft Ventures, Dragonfly Capital Partners, and Bain Capital Ventures. All of the company’s employees have now joined BitGo as part of the acquisition. Lumina’s CEO, Chen Fang, will take the role of Chief Product Officer.

While commenting on the procurement, Fang noted that it was a “natural fit because Lumina and BitGo share a common mission: to accelerate the institutional adoption of digital assets by building best-of-breed infrastructure and tools to bridge the gap between traditional financial and digital assets.”

BitGo will host a webinar on April 23rd, and Fang will demonstrate to existing customers about all features coming from Lumina’s financial platform.

Game Changer For BitGo

According to Mike Belshe, CEO of BitGo, the Lumina acquisition has significant implications for his company and the whole cryptocurrency landscape:

“BitGo’s integration of Lumina’s Portfolio and Tax software is an industry game-changer. Clients have digital asset accounts across many exchanges and wallet providers, and that can lead to a fragmented or incomplete view of their digital asset holdings. BitGo clients now have a clear, intuitive dashboard with tax and reporting abilities, and these new services transform their ability to interact with digital assets.”

It’s also worth noting that BitGo recently opened two new custodial entities in Germany and Switzerland. As Cryptopotato reported in February this year, the company started offering digital asset financial services to institutional investors in Europe.

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Source link Crypto Potato

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