Chen Fang is promoted to chief operating officer of crypto custodian BitGo

According to a press announcement published on Tuesday, Chen Fang will assume the position of chief operating officer, having previously served as chief product officer. Fang built Lumina, an institutional-grade portfolio management suite for digital assets that BitGo bought in 2020.

Victor Tsou will assume the position of vice president of engineering at BitGo. According to the announcement, Tsou most recently served as senior director of engineering at Affirm, a purchase now, pay later platform.

Because of the current market conditions, Belshe believes that “it is critical to cultivate and attract the best minds in the industry to help us grow BitGo and take it to the next level.” 

BitGo, a California-based company founded in 2013, offers institutional investors custody, liquidity, and security solutions.

In November 2021, BitGo reported possession of $64 billion worth of digital assets. According to the statement, it also handles around 20% of all bitcoin transactions worldwide.

Galaxy Digital confirmed the $1.2 billion purchase of BitGo in May 2021. The Block reported in March that the conditions of the agreement are now being renegotiated.

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