Crypto Institutional Custodian BitGo Acquires Portfolio Management platform Lumina
One of the largest digital asset platforms, BitGo has recently acquired Portfolio management services company Lumina. The deal is said to be an extension of the expansion strategy of BitGo which has been diversified its services and service units across Europe in the past year.
BitGo which mainly deals with Institutional custody business will acquire Lumina’s tax services for institutional businesses.
The value of the acquisition deal has not been disclosed by any of the firms. As per the agreements, Lumina's financial products have fully been integrated into BitGo’s current product line. Also, the Lumina team members have also been absorbed into BitGo including the Chief Executive Chen Fang, who has now been appointed as Chief Product Officer at BitGo.
How the Acquisition will Work?
Lumina had a unified dashboard through which it would monitor and manage the entire portfolio of its institutional customers. It had two distinct tools called Lumina Portfolio and Lumina Tax through which they would keep track of the customer’s portfolio at various crypto exchanges and would manage their total tax obligations.
Lumina Portfolio is now dubbed as BitGo Portfolio and Lumina Tax will be dubbed as BitGo Tax. BitGo will now accommodate all of the Lumina customers as well.
CEO of BitGo Mike Belshe said that Lumina acquisition will have a significant impact on the BitGo as well as on the entire cryptocurrency industry.
While commenting about the acquisition, former Chief Executive and new Chief Product Officer at BitGo, Chen Fang said, “It is a natural fit because Lumina and BitGo share a common mission: to accelerate the institutional adoption of digital assets by building best-of-breed infrastructure and tools to bridge the gap between traditional financial and digital assets.”
More about BitGo
California based BitGo has been founded in 2013 by Mike Belshe and Ben Davenport. The company is the pioneer in multi-signature wallet services and custodial services for institutional investors and is among the largest digital asset platforms.
More about Lumina
Established in 2018, Lumina manages tax portfolios of crypto firms across the crypto exchanges. It has been supported by several major venture capitalist firms including the Dragonfly Capital Partners, Craft Ventures, and Bain Capital Ventures among others.
It is noteworthy that recently BitGo opened two new custodial divisions in Germany and Switzerland. It also started digital asset financial services in Europe in February this year.
After this acquisition, the company intends to start more tools in the coming months.
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