Crypto custodian BitGo has been nominated as the official custodian to safeguard the remaining funds at FTX. Acting CEO John Ray III selected BitGo to take custody of the assets of the crypto exchange for the duration of the bankruptcy proceedings.
BitGo is one of the major players within the crypto custody sector, holding assets on behalf of many institutional investors, banks, and crypto exchanges. Clients include Panterra Capital, Swissborg, Coinjar, Ripple, Nexo, and many others.
The company also has a ‘qualified custody’ license meaning that client assets are “bankruptcy remote.” Chen remarked, “even if BitGo burns to the ground…we operate like a bank… it is never comingled and never moved unless you, as the owner, determine where it goes.”