BitGo

Premium profile
Capital Markets · DLT Technology
BitGo header

BitGo

Premium profile
Capital Markets · DLT Technology

Digital Asset Financial Services

United States, Palo Alto

Profile claimed

$86M
Total amount raised
100-250
Team size
250-500
Clients
2013
Year of establishment
Active
Status

About

Hi we’re BitGo!


BitGo empowers businesses to integrate digital currencies into their existing financial systems securely and at scale without ever taking custody of the asset. The company offers a multisignature bitcoin wallet service, where keys are divided among a number of owners to manage risk. Generally, BitGo wallets have three keys: one held by BitGo, and two held by the wallet's owner. Wallets can be configured in both hot and cold configurations, as well as non-custodial and custodial configurations.

Ben Davenport, Michael Belshe, and Will O'Brien founded BitGo in 2013. It has its headquarters in Palo Alto in California.

Key objective

To enable their clients to navigate the complex landscape of digital assets with a connected, compliant, and secure suite of solutions

Slogan / Motto

Delivering Trust in Digital Assets

Use cases

Custody Solutions
Clearing & Settlements
Storage Solutions

Team

100 - 250
Full team size
Team members

Mike Belshe Co-founder & CEO

Responsibilities

Mike Belshe is the driving force behind BitGo’s product and business strategy for delivering security, compliance, and custodial solutions for blockchain-based currencies. Prior to BitGo, Mike was one of the first engineers dedicated to building Chrome at Google. He is creator of the SPDY protocol and lead author of HTTP/2.0—the internet protocol responsible for loading web pages today. In 2003, Mike co-founded Lookout Software—an email search company acquired by Microsoft—and has held management positions at several startups, including Netscape, Good Technology, and Critical Path. Mike holds a bachelor’s degree in computer science from California Polytechnic University, San Luis Obispo. He is also an inventor with over 10 technology patents.

Pete Najarian Chief Revenue Officer

Responsibilities

Pete Najarian brings over 20 years of experience working in international finance with institutional investors to BitGo where he is responsible for driving the company’s global sales strategy and execution. Pete joined BitGo from Xapo where he was Senior Vice President of Institutions. Prior to Xapo, Pete served as Global Head of Emerging Markets Sales for Royal Bank of Scotland where he was responsible for the organization and leadership of institutional sales teams in 27 countries with a specific focus on Fixed Income, loans, currencies and commodities. Previously, Pete held multiple positions at UBS including Head of Institutional Client Coverage-APAC, Global Head of Emerging Markets Sales, and Head of US and Latam Emerging Markets Sales. Pete has served on numerous industry Boards including the Foreign Exchange Management Committee for the Monetary Authority of Singapore. He holds a bachelor’s degree in economics from Lafayette College and an MBA from Duke University.

Nick Carmi BitGo Prime CEO

Responsibilities

Nick Carmi is responsible for Financial Services. Nick has over 25 years of leadership experience in the financial markets, with a strong background in Fixed Income, Foreign Exchange, OTC Derivatives and most recently Cryptocurrencies. Nick joins BitGo from Tower Research Capital, where he was Global Head of Fixed Income and Foreign Exchange Business Management, with primary focus on managing the counterparty relationships and facilitating product expansion. Prior to Tower, Nick was US Head of Foreign Exchange Prime Brokerage (FXPB) at Deutsche Bank. Before that, Nick was an entrepreneur: he was the co-founder and CEO of SpreadZero, an innovative, bespoke Fixed Income trading platform where participants can choose between one-to-one or many-to-many trading models. Earlier in his career he held senior positions at Barclays, Lehman Brothers, UBS, and Credit Suisse. He holds bachelor’s and master’s degrees in applied mathematics and statistics from Stony Brook University.

Jeff Horowitz Chief Compliance Officier

Responsibilities

Jeff Horowitz is the Chief Compliance Officer of BitGo where he’s responsible for the company’s global compliance program. Jeff will oversee BitGo’s Compliance and AML programs across the entire enterprise to meet the highest standards of compliance and regulatory requirements.
Prior to joining BitGo, Jeff was the CCO for Coinbase, where he led the firm’s global compliance program, managed regulatory and bank partner relationships and helped to shape Crypto, AML and FATF regulation with both foreign and domestic regulators. Prior to joining Coinbase, Jeff spent over 12 years with Pershing in various leadership roles including as Managing Director and Global Head of Compliance; CCO, as well as the Firm’s Chief Anti-Money Laundering and OFAC Officer, responsible for the development and implementation of the firm’s Global AML Program.
Jeff was also a past co-chair of the Securities Industry and Financial Markets Association (SIFMA) Anti-Money Laundering Committee, member of FINRA’s Large Firm Advisory Committee and the U.S Treasury’s Bank Secrecy Act Advisory Group (BSAAG), representing both the Securities and Crypto industries as well as an active participant in FATF’s private sector consultative initiatives.
Prior to joining Pershing, Jeff held leadership roles for compliance and AML programs for Citigroup, Goldman Sachs and Salomon Brothers. He began his career as a regulator with the Federal Deposit Insurance Corporation (FDIC) in the Division of Resolutions. He earned a Bachelor of Science degree in Economics from Trenton State College and holds the FINRA Series 7, 14, and 24 registrations.

Chen Fang Chief Product Officer

Responsibilities

Chen is BitGo's Chief Product Officer, where he is responsible for all facets of the company's product development and strategic vision. He has over a decade of diversified experience in fintech and the traditional technology sector, managing teams at Lumina, Zenefits, and Microsoft. In 2018, Chen co-founded Lumina, an institutional-grade portfolio management suite for digital assets. Lumina was acquired by BitGo in early 2020.
In 2015, Chen led the team that built Zenefits Payroll, a full-service payroll provider. The enterprise-grade system automated calculations, payments, and filings of taxes across the 10,000+ U.S. tax jurisdictions.
Chen's fascination with digital assets stems back to 2011, when he converted his living room into a makeshift Bitcoin mining facility. After many years of learning and experimenting with blockchain technology, Chen identified key infrastructure and tooling needs to accelerate the mass adoption of this new asset class. Chen graduated from Harvard University with a B.A. in Economics and Computer Science.

Frieder Weichelt Chief Risk Officer

Responsibilities

Frieder brings more than 10 years of experience in privacy, security and risk management for technology and financial services companies to his role as BitGo’s Chief Risk Officer. Prior to joining BitGo, Frieder was Deputy Chief Risk Officer at Neustar, a leading marketing analytics, security, and telecom services solution provider. At Neustar, Frieder advised on and implemented policies and programs governing information security, data privacy, regulatory compliance, and overall management of enterprise risks. Previously, Frieder was a Principal at Promontory Financial Group, where he advised clients across a wide variety of industry sectors on matters relating to privacy, information security and enterprise risk management matters. Before relocating to the United States, Frieder served in the German Air Force.
Frieder earned his Juris Doctorate degree from the University of Washington School of Law and his Bachelor’s degree in Law, Societies & Justice from the University of Washington in Seattle, Washington. He is also a Certified Information Privacy Professional, Europe and United States (CIPP/E and CIPP/US), and has completed the Chief Risk Officer Certificate Program at Carnegie Mellon University.

Customers / Partners

Products

Funding

Received funding
$85,720,000
Total amount raised
6
Rounds
23
Total amount of investors
Amount Raised
Funding type
Funding round closing
Investors
$220,000
Unattributed

$15,000,000
Series B
Craft Ventures
Redpoint Ventures
Valor Equity Partners
$16,000,000
Series B
Craft Ventures
DRW Venture Capital
Galaxy Digital
GS Growth
Redpoint Ventures
Valor Equity Partners
$42,500,000
Series B
Bill Lee
Bridgescale Partners
David Sacks
DRW Trading Group
Valor Equity Partners
N/A
Series A
BitFury Capital
$12,000,000
Series A
A-Grade
Blockchain Capital
Bridgescale Partners
Digital Currency Group
Founders Fund
Liberty City Ventures
Radar Partners
Redpoint Ventures
Investments
3
Rounds
3
Total amount of profiles
 
Name
Industries
Use cases
Total raised
Last funding round date

News

Why Galaxy Digital bought BitGo

Quick Take Mike Novogratz, CEO of Galaxy Digital, sees custody as crucial to the “full stack” of crypto financial services. Acquiring BitGo also gives Galaxy the technical talent it needs to build its own blockchain applications, he says.


2 days ago


Opinion
Galaxy Digital LP
BitGo

Galaxy Digital to acquire crypto custodian BitGo for $1.2 billion

Mike Novogratz's crypto merchant bank Galaxy Digital is set to acquire crypto custodian BitGo for $1.2 billion. The post Galaxy Digital to acquire crypto custodian BitGo for $1.2 billion appeared first on The Block.


8 days ago


Investment
Galaxy Digital LP
BitGo
The Block

Galaxy Digital Set To Buy BitGo for $1.2 Billion

Galaxy Digital has announced that it will purchase crypto custody firm BitGo for over $1 billion in stocks and cash.


8 days ago


Investment
Galaxy Digital LP
BitGo

Galaxy Digital to acquire crypto custodian and services provider BitGo

Under the acquisition's terms, BitGo shareholders will get 33.8 million in newly issued shares of Galaxy Digital, in addition to $265 million in cash.


8 days ago


Investment
Galaxy Digital LP
BitGo

US Marshals Signs $4.5 Million Contract with BitGo to Manage Seized Bitcoin

Crypto custodian BitGo has won a $4.5 million contract with the US Marshals Service to help manage seized Bitcoin.


20 days ago


General news
Government/public sector initiatives
BitGo
Bitcoin