No mention of the transaction’s financial terms was made.
HeightZero, a software solution provider for financial managers whose customers may seek to invest in cryptocurrency and digital assets, has been purchased by cryptocurrency custody expert BitGo. No information on the transaction’s economics was disclosed.
Trading in cryptocurrency is often seen as high-stakes, high-velocity, and high-complexity. To the conventional wealth managers and regulated investment advisers (RIAs), several institutional players and some of the early crypto businesses are aiming to provide safe long-term holdings.
BitGo CEO Mike Belshe has warned that the impending approval of a spot bitcoin (BTC) ETF should serve as a wake-up call to wealth managers and RIAs due to the potential impact on the cryptocurrency market. In an interview, Belshe urged RIAs to contact BitGo, get HeightZero and certified custody before the ETF.
For cryptocurrency investors, HeightZero automates portfolio management tasks including rebalancing, statement preparation, tax loss harvesting, and invoicing. Before becoming a part of the bigger corporation, the company employed BitGo as its custody provider.
For example, “this downturn has unfortunately meant that a lot of companies coming to the end of their runway and you can be looking at a distressed asset type of purchase,” as Belshe put it. “These do have a chance of working out, and we will of course consider all possibilities. And I believe HeightZero is a terrific illustration of how we might take a more deliberate approach to our future.”
Also Read: Polygon Technology Will Replace Optimism As Manta Pacific’s ZkEVM Layer 2 Platform
Wallets