Crypto market maker Amber Group has announced on selecting BitGo Trust qualified custody for its clientele of institutional investors and traders. Amber Group is partnering with BitGo Trust to access its institutional-grade custody, compliance tools, and user policy controls for securing user assets. Insurance was another factor in Amber Group picking BitGo.
Amber Group Picks BitGo for Institutional Investors
Amber Group is well known for providing high-frequency trading for institutional investors and its contribution to innovating the crypto finance sector. The Hong-kong Based crypto market maker is also getting access to BitGo’s wrapped bitcoin (WBTC) while having the easy usage of various DeFi apps.
Mike Belshe, CEO, BitGo said in the announcement statement:
“Amber Group’s leading-edge crypto innovations originate from the founders’ background in traditional finance. It was formed by seasoned finance professionals who cut their teeth trading at firms like Morgan Stanley. Amber is poised for tremendous growth and the team at BitGo is focused on providing the security, liquidity, and custody infrastructure they require to do what they do best — transform the future of finance.”
Last year, BitGo introduced insurance protection of $100 million in Lloyd’s of London and European marketplace through cold insurance cover. In 2020, BitGo became the first crypto custodian to offer clients the ability to purchase their own excess limits above BitGo’s $100 million policy. Moreover, those clients will be ensured an additional layer of protection if they do purchase the Excess Specie Insurance.
Amber Records over 200 Institutional Clients
Amber is a leading crypto finance service provider trusted by over 200 institutional clients. It is backed by leading crypto firms including Paradigm and Pantera, with additional investments from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.
Michael Wu, CEO, Amber Group said:
“As we scale our operations into more jurisdictions, we prioritize partnering with reliable and well-reputable infrastructure providers like BitGo who are committed to a security-first approach to asset protection. Implementing rigorous security measures around client assets is not only critical to our daily operations but also key to building long-term trust with our clients.”