Blockchain security provider, BitGo announced that the largest crypto wallets under its management are now close to $1 billion.
BitGo and the Trillion Dollar Wallet
The CEO of BitGo, Mike Belshe, looks forward to the next milestone. He will present a talk at the Stanford University entitled “Securing the Trillion Dollar Wallet,” next month.
Therefore, the topic is especially relevant considering the highly tokenized world we live in. Furthermore, it relates to hedge funds and other institutions are redefining the meaning of a whale crypto investor.
Belshe said, “Now we are really thinking, what’s it going to take to secure a trillion dollars?”
Furthermore, a system of this quality will require complex hardware and software. Additionally, it will necessitate adherence to externally audited regulatory requirements.
“Some of the technology guys out there are saying, ‘hey we can get you out of cold storage in 10 minutes.’ I’m sorry, but if you can get a billion dollars out of cold storage in 10 minutes, that means there’s somebody’s finger that you can threaten.”
Big Sums of Money
Because BitGo handles approximately $15 billion in monthly crypto transactions, strict security is of the utmost importance. Moreover, Belshe believes that the evolution towards digital assets is rising and will ultimately benefit everyone.
“You can have the most secure software in the world and the most secure hardware. But inside your company what’s the policy for keeping things safe? What happens if your data center goes down?” he said. “We have policy, procedures and plans for all this, that have been tested and are in place.”
Crypto Insurance Product
The company’s next big step is a crypto insurance product that will be released within a few months. The insurance will cover investors for risks including theft.
BitGo will not write the policies but will white-label the product with an established insurer.
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