BitGo Expands Crypto Services with HeightZero

BitGo Expands Crypto Services with HeightZero

Time Stamp: October 17, 2023 4:58 PM
BitGo Expands Crypto Services with HeightZero PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The crypto custodian firm BitGo has acquired
HeightZero, a software platform tailored for wealth managers looking to
integrate cryptocurrencies and digital assets into their clients’ portfolios.
While the financial details of the deal were not disclosed, this development
highlights BitGo’s ambition to expand its presence in the cryptocurrency space.

Mike Belshe, the CEO of BitGo, said: “We’ve
been proud to have partnered with HeightZero over the past several years and to
be a part of their incredible growth. This acquisition is a doubling down in
the space for BitGo, HeightZero, and our clients. We look forward to
maintaining HeightZero’s leadership position, while increasing the safety,
security, and features provided in the joint products.”

HeightZero specializes in providing wealth managers
with a suite of software tools designed to facilitate the inclusion of
cryptocurrencies in their clients’ portfolios. This includes services such as
portfolio rebalancing, statement generation, tax loss harvesting, and automated
billing for cryptocurrency investments. Notably, HeightZero had already been
using BitGo’s custody solutions for some time before officially joining BitGo.

The acquisition of HeightZero signifies BitGo’s
commitment to providing a comprehensive suite of solutions for wealth managers
looking to navigate the cryptocurrency landscape. The company aims to empower
wealth managers to embrace cryptocurrencies and seize the opportunities they
offer.

BitGo’s Strategic Expansion

Recently, BitGo secured USD $100 million in funding.
This funding boosted its valuation to $1.75 billion. Besides that, BitGo
partnered with KEB Hana Bank, one of the largest financial institutions in
South Korea, in September. The primary objective of this collaboration was to
jointly establish digital asset custody services within the country.

In June, BitGo abandoned its previously planned acquisition of Prime Trust, a rival firm, despite both parties having reached a
preliminary agreement. BitGo took to Twitter to announce their change of plans,
stating: “This decision was not made lightly, and BitGo remains committed
to our mission to deliver trust in digital assets.”

Subsequently, Prime Trust filed for Chapter 11 bankruptcy protection in August. This move marked the latest chapter in the
troubled journey of the financial technology company, which has encountered
several challenges over the past year, ranging from regulatory troubles to the
collapse of an acquisition deal.

The crypto custodian firm BitGo has acquired
HeightZero, a software platform tailored for wealth managers looking to
integrate cryptocurrencies and digital assets into their clients’ portfolios.
While the financial details of the deal were not disclosed, this development
highlights BitGo’s ambition to expand its presence in the cryptocurrency space.

Mike Belshe, the CEO of BitGo, said: “We’ve
been proud to have partnered with HeightZero over the past several years and to
be a part of their incredible growth. This acquisition is a doubling down in
the space for BitGo, HeightZero, and our clients. We look forward to
maintaining HeightZero’s leadership position, while increasing the safety,
security, and features provided in the joint products.”

HeightZero specializes in providing wealth managers
with a suite of software tools designed to facilitate the inclusion of
cryptocurrencies in their clients’ portfolios. This includes services such as
portfolio rebalancing, statement generation, tax loss harvesting, and automated
billing for cryptocurrency investments. Notably, HeightZero had already been
using BitGo’s custody solutions for some time before officially joining BitGo.

The acquisition of HeightZero signifies BitGo’s
commitment to providing a comprehensive suite of solutions for wealth managers
looking to navigate the cryptocurrency landscape. The company aims to empower
wealth managers to embrace cryptocurrencies and seize the opportunities they
offer.

BitGo’s Strategic Expansion

Recently, BitGo secured USD $100 million in funding.
This funding boosted its valuation to $1.75 billion. Besides that, BitGo
partnered with KEB Hana Bank, one of the largest financial institutions in
South Korea, in September. The primary objective of this collaboration was to
jointly establish digital asset custody services within the country.

In June, BitGo abandoned its previously planned acquisition of Prime Trust, a rival firm, despite both parties having reached a
preliminary agreement. BitGo took to Twitter to announce their change of plans,
stating: “This decision was not made lightly, and BitGo remains committed
to our mission to deliver trust in digital assets.”

Subsequently, Prime Trust filed for Chapter 11 bankruptcy protection in August. This move marked the latest chapter in the
troubled journey of the financial technology company, which has encountered
several challenges over the past year, ranging from regulatory troubles to the
collapse of an acquisition deal.

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