The digital asset financial services giant, BitGo, announced on February 18 that it is acquiring digital securities platform, Harbor. The move allows BitGo to extend its capabilities to address a wider class of digital assets for institutional investors. It also provides a foundation for a full-stack digital asset solution.

According to BitGo CEO, Mike Belshe, the company’s vision has always been bigger than wallets and custody. He claims this acquisition furthers the company’s vision of building a new digital infrastructure for financial services. Belshe added that BitGo is well poised to address institutional requirements as the market develops.

Harbor’s subsidiaries, which include a broker-dealer regulated by the financial industry regulatory authority, and a transfer agent supervised by the SEC, are all part of the acquisition deal. However, the companies failed to disclose the terms of the deal.

According to Belshe, the acquisition mainly allows BitGo to recreate all parts of the traditional financial system. He noted that BitGo itself is a licensed custodian under the South Dakota Division of Banking.

He further stated that this deal marks the first time a single entity in the crypto industry holds broker-dealer, transfer agent, and a qualified custodian licenses. However, FINRA and the SEC must approve the broker-dealer and transfer agent transfers to BitGo, which Belshe claims is already underway.

Through this deal, qualified custodians will be able to store securities on behalf of clients, including institutions. Broker-dealers can then trade these securities for clients or for themselves. Whereas transfer agents also act as middlemen who help record transactions, and perform other duties.

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