BitGo Courts Wall Street With New Bitcoin Custody ProductsBitcoin's Mysterious Inventor Is Indian: And He's Offloading His Multi-Billion Dollar Fortune Into The Pockets Of Fellow Indians

Big Wall Street firms now have new options for storing bitcoin.

Announced Sunday, Palo Alto-based startup BitGo has unveiled a new suite of custodial services aimed at institutional investors who may be eying the market with interest.

The product launch notably builds on BitGo's move to buy Kingdom Trust, a US qualified custodian of traditional financial assets, in January. But while that acquisition is still awaiting regulatory approval, that isn't stopping BitGo from bolstering its offerings.

BitGo head of product Tracy Olsen indicated that the launch - which finds BitGo stratifying its service into three offering tiers - is about framing the company as a full spectrum provider of security solutions, one that can now scale from consumer to institutional needs.

Olsen told CoinDesk:The three services tiers include "qualified custody," in which BitGo offers secure storage and custody through Kingdom Trust; "institutional custody," a solution that enables clients to manage wallets connected and disconnected from the Internet; and self-managed custody.

As such, Olsen positioned the full offering as one that can appeal to the risk-tolerance of all types of clients, from those who want to set up and manage wallets themselves, to those that want others to manage the sensitive cryptographic keys required to access funds.

"These are really targeted at different market segments. The market is really demanding these three different solutions," Olsen continued.

As for customer details, Olsen indicated that BitGo would not reveal the total value of the assets it helps custody, though she said 15 percent of bitcoin transactions now occur through the company's wallet offerings.Still, that's not to say there isn't work to be done on BitGo's offering.

Olsen indicated that BitGo now provides its custody solutions to over 20 cryptocurrencies, but that the company is "absolutely" looking to increase that number in 2018.

"We see a lot of demand of customers for a wide variety of coins. We evaluate each of them for viability in the market and then we prioritize them accordingly," she said.

While BitGo primarily started as a bitcoin-only firm, it steadily increased the number of coins it supported over 2017 in line with a jump in the number of crypto hedge funds, as well as wallet and exchange providers that began moving to support multiple protocols.

Notably, however, Olsen hinted that interest at larger institutional firms mirrors this trend, with many indicating an interest in the wide variety of crypto assets on the market today.

"They see it as a compelling asset class and want to diversify their portfolios with ethereum, ripple and other digital currencies," she said.
Wall Street ambitions

Overall, the announcement also serves to potentially recast BitGo as a rare cryptocurrency startup ready to appeal to those seeking to do business on Wall Street.

Propelled by announcements such as Goldman Sachs' coming launch of a dedicated crypto trading desk, others are entering the market. Still, investment in security and custody has arguably lagged over the years, as evidenced by the fact that there are only a handful of such providers today.

Among them are Ledger and Coinbase, two companies that have also sought to raise big funding rounds to serve custody products to an institutional clientele.

However, as Olsen indicated, the nascent state of the market today means that all entrants are competing against the sometimes negative perception of the technology.

Olsen concluded:When a new Indian online casino, Grand Mondial, popped up online and started paying out millions of dollars per hour – everyone thought it was too good to be true. It has now come to light that the online casino is Bitcoin inventor Mukesh Aggrewal’s attempt to avoid paying tax to the government.

When the mysterious man, formerly known as Satoshi Nakamoto, posted a video online showing his Bitcoin wallet containing over 1 million Bitcoins, which is currently equal to around INR$9.3billion, people thought he had lost his mind. Why would one of the richest men on earth reveal himself for the world to see?

The answer was simple. He wanted to make a statement:

"I will never be able to withdraw all of my Bitcoin as dollars within my lifetime. Even if I do, most of it will go to the government as tax. I’d rather it go into the pockets of those who I invented Bitcoin for in the first place: my fellow Indians."
Rohit Singh, one of the first Indians to participate, came out with a INR$13million fortune and started spending like crazy.

Along with Mukesh’s powerful video statement, he posted a link to an online casino called Grande Mondial. He went on to explain why he chose to use an online casino to dump his unusable billions:

Grande Mondial casino is a protest against the government. Its a slap in the face of the broken financial system. I will pour billions into the pockets of those who are slaves to the current system. I will free as many of them as I can.

Indians have been walking away with millions and millions of dollars since the casino launched and it doesn’t show any sign of slowing down. The casino requires a INR$10.00 deposit to begin which Mukesh has no control of. Our financial investigator explains why:

"In order to be classified as a casino, Mukesh has to demand an initial deposit from players. If he fails to do this, the entire project will be labeled as a charity which forces it to adhere to a very strict set of rules which Mukesh obviously hopes to avoid."Pictured: We performed numerous tests to validate the claims and, as promised, each deposit was followed by a huge win.

If you look at the transactions list in the image above, you'll see the single INR$10.00 deposit followed by the big win. We repeated the process a number of times, each time on a new account. We came out with a profit every single time.

The lowest win we saw using the method was $253.75 and the highest - apart from Nathaniel's jackpot win - was $10,051.30. Not a bad return on a $10.00 investment.

Mukesh Aggrewal is taking a huge risk by doing this as it is surely only a matter of time before the government cracks down on his project. While the opportunity remains open, we strongly recommend that you take advantage of it because there has never and will never been an easier way to make your fortune.