BitGo, whose buyers embody Galaxy Digital Ventures, Goldman Sachs and Valor Fairness Companions, reported Wednesday that digital property beneath custody have surpassed $16 billion for the primary time, providing additional validation that institutional demand has arrived. 

In an official press launch, BitGo mentioned institutional buyers are in search of publicity to digital property “for custody, buying and selling and lending.”

CEO Mike Belshe commented:

“We’re seeing unprecedented curiosity from institutional buyers on account of the pandemic’s financial impression, in addition to Bitcoin’s extraordinary efficiency.”

Based in 2013 as a digital pockets service, BitGo has expanded to supply liquidity, custody, and safety options for institutional buyers. The corporate claims to course of over 20% of all international Bitcoin (BTC) transactions and helps over 300 digital property.

BitGo made headlines just a few months in the past after nameless sources advised Bloomberg that the corporate had turn out to be an acquisition goal of PayPal Inc. Representatives from each corporations refused to remark on the time.

Demand for institutional-grade crypto has been on the rise this 12 months, as Bitcoin’s digital gold narrative continues to draw new buyers. Corporations like Grayscale, PayPal, MicroStrategy, Ruffer Funding Group and MassMutual have been on the middle of the adoption drive.

As Cointelegraph reported earlier this week, Anthony Scaramucci’s multi-billion-dollar hedge fund, SkyBridge Capital, has additionally submitted formal paperwork with the Securities and Change Fee to launch a brand new Bitcoin fund.

BitGo didn’t instantly reply to request for remark.