- BitGo and HashKey Cloud have entered into a strategic accord encompassing tokenization, trading, custody, and staking for real-world assets (RWA).
- Mike Belshe, CEO of BitGo, aims to pivot prime brokerage into the primary focus of the firm by growing its lending, trading, and settlement capabilities.
As both firms grow their institutional client base throughout Asia, BitGo and HashKey Cloud have formally signed a strategic alliance agreement spanning institutional trading, staking, RWA tokenization, and custody.
Formalized in Singapore during TOKEN2049 week, this pact builds upon a previous staking partnership initiated by the organizations back in July. Moving forward under this expanded framework, HashKey Cloud steps in as a validator partner on BitGo’s network, bringing Solana and Ethereum staking options to qualified institutional users of BitGo right from the start.
Furthermore, the firms will collaborate on institutional trading operations. Subject to standard onboarding procedures and appropriate contracts, BitGo is set to deliver custody services to HashKey Capital alongside its related funds. BitGo will additionally act as the custodial provider for HashKey’s real-world asset (RWA) tokenization projects, thereby ensuring comprehensive reach across multiple digital asset sectors.
The pact was executed by Leo Li, CEO of HashKey OnChain BG, and Abel Seow, BitGo’s Managing Director and Head of APAC Sales. Both entities clarified that these offerings remain restricted to eligible participants and will only be provided where local laws allow.
BitGo Targets Prime Brokerage for Growth
This alliance arrives alongside broader strategic updates articulated by BitGo CEO Mike Belshe. Speaking with Bloomberg during an October 6 interview in Singapore, Belshe explained that BitGo intends to transition prime brokerage into the central driver of its enterprise while scaling up settlement, lending, and trading operations.
Belshe noted that his ultimate vision is for “prime brokerage to account for 100% of BitGo’s revenue,” noting that greater value stems from assisting clients with asset financing and trading rather than depending primarily on custody charges.
Laying the groundwork for this vision, BitGo’s BitGo Prime platform merges financing, trading, and collateral oversight, alongside existing settlement and custody functions tailored for institutions. Additionally, the August launch of BitGo Link aids institutional players in handling capital across connected exchanges and the BitGo environment for trading and financing activities.
Consequently, the collaboration with HashKey introduces an additional institutional tie to BitGo’s growing ecosystem, perfectly matching Belshe’s stated trajectory for the company’s future evolution.
Frequently Asked Questions
What areas does the agreement between BitGo and HashKey Cloud cover?
The strategic agreement covers institutional trading, staking, custody, and real-world asset (RWA) tokenization for clients in Asia.
Where and when was the partnership signed?
The pact was signed in Singapore during TOKEN2049 week by Abel Seow of BitGo and Leo Li of HashKey OnChain BG.
What is BitGo CEO Mike Belshe’s long-term business goal for the firm?
Mike Belshe aims to turn prime brokerage into the core revenue driver for BitGo, expanding services like trading, lending, and settlement rather than relying mainly on custody fees.
