BitGo to extend its capabilities with acquisition of Digital Securities Platform Harbor

BitGo, a qualified custodian for storing digital assets, recently acquired blockchain-powered digital securities platform Harbor and all of its broker-dealer and transfer agent subsidiaries.

According to the announcement, the acquisition will help to extend BitGo its capabilities to address a wider class of institutional investors.

Founded in 2017, Harbor is a blockchain enabled platform to streamline alternative experience from fundraising management, investor communications, and controlled secondary transfers through private marketplaces, according to Harbor website. Harbor is the first blockchain company to become both a registered transfer agent and a licensed broker-dealer for digital securities. In 2019, its subsidiary Harbor square Investments received a broker-dealer license from the Financial Industry Regulatory Authority (FINRA).

Executive Opinion

CEO, BitGo, Mike Belshe, said, "Our vision has always been bigger than wallets and custody, and acquiring Harbor furthers BitGo’s vision of building a new digital infrastructure for financial services. We believe participants will ultimately need to be trusted, full-stack solutions for digital currencies, and now BitGo is well-positioned to address institutional requirements as the market develops."

CEO, Harbor, Josh Stein, said, "BitGo has been an important partner since Harbor’s inception. We’ve worked closely together to integrate BitGo Business Wallets and BitGo Custody into Harbor’s services. Harbor provides BitGo with a complementary technology stack for the lifecycle of digital securities, as well as important service capabilities through our digital assets broker-dealer and transfer agent subsidiaries."

BitGo to extend its Capabilities

According to the notes, the acquisition will also lay down a foundation for the full stack of digital asset solutions. If everything goes as planned, BitGo will become the first company in the cryptocurrency market to have a broker-dealer, custodian license, and transfer agent.
BitGo is the world's largest processor of on-chain transactions of Bitcoin that process almost 15% of all the global Bitcoin transactions and $15 billion per month across all the cryptocurrencies.

BitGo supports more than 200 tokens and coins and has more than $2 billion in assets in wallet. The client base of the BitGo includes the world's largest cryptocurrency exchanges and spans more than 50 countries.