Place/Date: Cayman Islands - October 19th, 2018 at 10:30 am UTC · 3 min read
Contact: Olivia Kuo, Source: Formosa Financial
Formosa Financial, the one-stop financial services platform for managing digital assets, has announced a collaboration with BitGo®, the market leader in institutional-grade cryptocurrency security to integrate BitGo’s custodial services into the Formosa Financial suite of digital asset management tools.
Having successfully reached their hard-cap via private round funding this May, Formosa Financial is aiming to solve many pain points faced in the blockchain industry by creating a single point of access to custodial, brokerage, and risk management tools for digital assets.
Ryan Terribilini, CEO of Formosa Financial, said:
“BitGo is a natural foundational choice for our services here at Formosa Financial – their combination of deep technical experience and regulatory compliance surrounding challenging issues in digital asset custody are a great resource for us as we work to scale our platform and partnerships to grow our service offerings.”
BitGo recently received regulatory approval to operate a trust company in the US, further extending their advantage as a market-leading qualified custodian operating in a fast-evolving space. Their custodial services are trusted by leading blockchain companies and financial institutions such as Ripple, Bitstamp, SBI Holdings, CME Group, and The Royal Mint (Her Majesty’s Treasury).
Formosa Financial CTO Lorne Lantz said:
“BitGo’s management of private keys and API is the perfect balance in providing convenient access to funds while ensuring the highest level of security in the industry.”
As BitGo’s multi-signature wallets and custody solutions are integrated into the Formosa Financial platform, FF clients will have access to the unmatched security, broad currency support, and configurable policy controls BitGo is known for.
This keystone service paired with Formosa Financial’s other offerings such as liquidity-pooling prime brokerage services and interest bearing products (via partnership with Compound Protocol) will enable clients to focus on their core strengths by simplifying their treasury management system, which in turn offers the added advantage of consolidating time-consuming KYC/AML processes.
BitGo Inc. is the market leader in institutional-grade investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company has a customer base that includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.
Formosa Financial helps digital asset holders and blockchain innovators solve some their major pain points by offering a one-stop platform for their financial services needs. From a single point of entry clients have access to a customizable suite of treasury management tools, minimizing friction, costs, and time delays around mission critical financial tasks.