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BitGo Enters Into Agreement To Acquire Kingdom Trust


BitGo, the leader in digital currency security solutions for institutional investors, announced that it has entered into a definitive agreement to acquire Kingdom Trust Company, a South Dakota-chartered, fully regulated trust company with over $12 billion in assets under custody. Under the agreement entered into on January 11, 2018, BitGo will acquire Kingdom Trust Company and Kingdom Services. The transaction is subject to customary closing conditions and regulatory approvals.






Kingdom Trust meets all applicable requirements of Internal Revenue Code 408 to serve as a qualified custodian as defined in the Investment Advisers Act of 1940. The custodial services offered by the trust company, alongside BitGo’s market-leading digital currency security protection software, will make the combined companies the only full-stack, at scale provider of onsite and online protection for digital currency investments held by institutional investors.

“Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios,” said Mike Belshe, CEO of BitGo. “BitGo has established itself as the digital security leader, and Kingdom Trust has served as a 40 Act qualified custodian for almost a decade and has developed the expertise required by institutional investors necessary for compliance with the Act. Both companies are working toward safety of money and assets. BitGo and Kingdom are building products for the future - marrying the new technology with the safety and controls all investors require.”

About BitGo
BitGo is a blockchain software company that secures digital currency for institutional investors. Its technology solves the most difficult security, compliance and custodial problems associated with blockchain-based currencies, enabling the integration of digital currency into the global financial system. BitGo's customers, which include the world's largest cryptocurrency exchanges and financial institutions, conduct more than $10 billion in transactions monthly.

About Kingdom Trust
Kingdom Trust is an independent qualified custodian and a non-depository trust company regulated by the South Dakota Division of Banking. The firm is a leading provider of unique and innovative custody solutions for individual investors, investment sponsors, family offices, advisory firms, broker-dealers and various other investment platforms. Kingdom Trust is a passive, non-discretionary custodian. The firm does not provide, promote, endorse or sell investment products and does not endorse or promote any individual investment advisor or investment sponsor. For more information, please visit KingdomTrust.com.

bitgo.com

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Monday, January 29th 2018
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