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A press release shows crypto custody company BitGo has bought HeightZero, a strategic move that will ensure efficient digital assets access to institutional players. HeightZero is a software platform that allows wealthy individuals to invest in digital assets.

JUST IN: @BitGo, a crypto custody company, has bought HeightZero, a software firm that helps wealth managers offer digital asset investments to clients. pic.twitter.com/tvIkXyqFOZ

While the entities are yet to disclose financial details, the deal showcases crypto’s increasing appeal to institutional investors. Moreover, some leading cryptocurrency entities are looking to satisfy the surging demand for digital coins by mainstream wealth managers.

The crypto market remains speculative and fast-paced, evidently from the latest fake news that saw Bitcoin soaring to $30K before slumping within minutes. However, BitGo chief Mike Belshe believes a spot Bitcoin ETF approval would attract wealth managers to the industry. Also, he was proud of working with HeightZero, stating,

“Today, the HeightZero platform is universally rated as the best solution for wealth managers and SLAs working in the digital asset market. We’ve been proud to have partnered with HeightZero over the past several years and to be a part of their incredible growth. This acquisition is a doubling down in the space for BitGo, HeightZero, and our clients. We look forward to maintaining HeightZero’s leadership position while increasing the safety, security, and features provided in the joint products.”

HeightZero helps wealthy individuals in statement generation, automated billing, portfolio rebalancing, and taxation. Most advisors are exploring crypto assets, but only a few allocate to digital coins in customer accounts, citing barriers such as custody issues, limited investment options, and centralized institution debacles.

Meanwhile, HeightZero has designed its solutions to offer advisors experiences and capabilities for digital asset management. Arbor Digital Investment Management’s Marc Nicholas commented on the development,

“HeightZero’s technology platform combined with BitGo’s institutional grade custody is what asset managers like us need to safely and securely deliver our full discretionary service to financial advisors in the US efficiently. We pride ourselves in working with partners like BitGo and HeightZero who are aligned with our mission and won’t compromise on security.”

The post BitGo acquires software firm HeightZero to streamline digital asset management appeared first on Invezz.

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