KEB Hana Bank has reached a strategic partnership agreement with cryptocurrency custodian company BitGo to jointly promote cryptocurrency asset custody business.

BitGo, a crypto custody solutions provider, has raised $100 million in a Series C round from new investors in the US and Asia, valuing the company at $1.75 billion. The funds will be used to expand its crypto custody services and infrastructure solutions through organic growth and acquisitions. BitGo's custody services are primarily aimed at institutional investors, and the company has already seen a 60% increase in new clients this year, with stake assets up 40x. <br>

On August 16th, cryptocurrency custody company BitGo completed a $100 million financing round at a valuation of $1.75 billion. BitGo declined to disclose specific investors, but stated that they come from the United States and Asia, some of which are outside the cryptocurrency industry. This round of financing will be used for strategic acquisitions, with at least two transactions currently in progress. BitGo is currently the custodian of FTX creditors, and its clients also include financial services company Swan Bitcoin, blockchain developer Mysten Labs, and clothing giant Nike.

BitGo, a cryptocurrency custody specialist, has hired Matthew Ballensweig to head up its newly launched Go Network. Ballensweig, who was formerly managing director of Genesis, will oversee the network, which allows hedge funds and other institutions to access trading liquidity at various exchanges without their assets ever leaving regulated custody.&nbsp; Ballensweig believes that Go provides the "bone-structure" for the next generation of institutional crypto trading.

Floki, a cryptocurrency that emerged as a response to a tweet by Elon Musk, has formed a strategic partnership with BitGo, a major custodian in the crypto industry. BitGo's impressive portfolio of over $64 billion in assets under management is highlighted in the announcement.

June 27 (Cointime) - BitGo CEO Mike Belshe has revealed that the company has other pending acquisitions in the pipeline after abandoning the Prime Trust deal. He predicts consolidation in the crypto space over the next six months.

June 24 (Cointime) - A trader has taken advantage of TrueUSD's temporary halt on mints and redemptions through Prime Trust by initiating an on-chain short position.

June 23 (Cointime) - BitGo, the US-based crypto custodian platform, has cancelled its acquisition of Prime Trust, leading to Prime Trust suspending withdrawals. The acquisition was intended to provide financial support to Prime Trust, which has been facing bankruptcy challenges. Prime Trust has also faced other challenges, including replacing its CEO and staff layoffs, and being targeted in lawsuits by crypto lending firm Celsius. TUSD issuer TrueUSD has assured its customers that it has no exposure to Prime Trust, while crypto exchange CoinMetro has had to suspend USD withdrawals as it uses Prime Trust as its payments partner.

June 22 (Cointime) - BitGo has announced that it will no longer be acquiring crypto custodian Prime Trust, just two weeks after the deal was announced.

Crypto investment firm Galaxy Digital has been cleared of any obligation to pay damages in relation to its failed merger with asset custodian BitGo. The court dismissed the claim against Galaxy, which said it was "pleased" with the outcome. Galaxy called off its $1.2bn proposal to acquire BitGo last year after the target failed to provide audited financial statements by a certain date. BitGo had claimed the merger agreement was not due to expire until the end of the year and said it would sue Galaxy.