BitGo Tops $64B Under Custody as COO Cassie Lentchner Takes Over as ‘Trust’ President

The surge in AUC – BitGo held $16 billion a year ago – was attributed to the stampede of institutional investors.

Nov 15, 2021 at 2:49 p.m. UTC
Updated Nov 15, 2021 at 3:28 p.m. UTC

BitGo, the cryptocurrency custody provider being acquired by Galaxy Digital, has seen its assets under custody (AUC) swell to over $64 billion.

In December 2020, BitGo reported an AUC of $16 billion. For context, listed crypto exchange giant Coinbase reported assets on its platform of over $223 billion earlier this year.

BitGo attributed the surge in AUC to growing institutional interest in the space, and the need for institutional-grade safe-keeping to match.

“Institutional custody is not the same as retail custody,” Mike Belshe, CEO of BitGo, said in a statement. “BitGo Trust Company was designed from the ground up to meet the needs of institutional investors, and it is the only independent qualified custodian focused on building the right market structure and facilities to enable institutions to enter the digital asset space with confidence.”

New boss

The fresh stats come as Cassandra Lentchner takes the reins as president of BitGo Trust Companies, which BitGo launched in 2018.

Lentchner joined BitGo as Chief Operating Officer in May, having worked on New York’s groundbreaking BitLicense and cybersecurity policy, when serving as deputy superintendent of compliance for the New York State Department of Financial Services.

“BitGo’s capabilities and track record as the most trusted digital assets partner are critical for large institutions and their clients to feel secure investing in cryptocurrencies and developing a vibrant digital economy,” Lentchner said in a statement.

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Ian Allison is a senior reporter at CoinDesk.