The well-known cryptocurrency custody firm BitGo Inc. is entering a new stage as it plans to go public in 2025. AS more institutions are starting to use digital assets, which is creating a bigger need for safe ways to store cryptocurrency.
Moreover, BitGo has been the most excellent company for various institutions in securing clients’ digital assets.
BitGo’s Journey to the Forefront
BitGo was founded in 2013. It has since grown into one of the leading entities in the cryptocurrency realm, with a promise to secure the digitally kept assets of customers.
As for its claims, the company hosts more than 1,500 institutional clients spread out in over 50 countries. Moreover, it processes around 8% of all Bitcoin transactions globally by value.
At the same time, it raised $100 million by Series C in August 2023, all at a valuation of $1.75 billion; this boosted assets under custody by 20%, fresh client acquisition by 60%, and staking assets increased 40-fold year-on-year.
The surge in institutional interest in cryptocurrencies has heightened the need for robust custody solutions. Ripple projects that the international custody services market, estimated at $41 billion in 2023, is set to exceed $100 billion by 2033.
A Wave of Crypto IPOs
This IPO by BitGo follows a general wave of cryptocurrency companies seeking to IPO. Other companies such as Gemini, Bullish Global, Circle, or Kraken have similarly cited intentions to go public, showing that the crypto industry has matured and is looking for transparency and regulatory compliance.
Recent regulatory changes have provided a tailwind for the crypto custody domain. The U.S. SEC has made changes to its previous guidance, making it much harder for banks to hold cryptocurrencies. At the same time, it has set a low bar for penalizing traditional financial institutions for their role in crypto custody.
This change in outlook is expected to fast-track digital assets into the mainstream financial system.
As tech entrepreneur Elon Musk says, “The future of money is digital currency.” This IPO by BitGo perfectly fits that statement as it demonstrates the fast changing pace of financial services in the digital era.
According to the latest cryptocurrency prices, Bitcoin (BTC) is trading at $95,888 today, a slight decrease of 0.00563% from the previous close. Current Ethereum (ETH) prices are $2,609.73, with a price decrease of 0.01453%.
As the crypto industry evolves, BitGo continues to develop innovative strategies. These efforts highlight the connection between technological advancements and finance, creating a more secure and accessible digital asset landscape.
