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BitGo refused to buy the Kingdom Trust and set about creating its own safe depository for crypto currency.

A startup from California, BitGo, abandoned its plans to acquire Kingdom Trust, which offers asset management services. It happened 4 months after the forthcoming purchase became known to the public. This is caused by BitGo's decision to create its own repository of bitcoins and other digital currencies.

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From the startup blog it becomes known that he is going to get permission to develop BitGo Trust. This is a depositary regulated organization that specializes in digital assets.

At the same time, the management of BitGo decided to refuse to purchase the Kingdom Trust. By the way, BitGo still did not get regulators permission for this purchase. Perhaps this was one of the reasons for the refusal of the deal.

The comment on this issue was left by the vice-president of marketing of the company Clarissa Horowitz. In her opinion, not the uncertainty of the regulatory body, but the needs of the clients, pushed the creation of its own BitGo storehouse.

*Working with clients is our priority, we have given her a lot of time and energy. We intend to serve them and use them to work further. Internal research has shown that the depositary organization, working with the assets of our clients, is best suited for fulfilling its direct duties. For this reason, we decided to create our own qualified and independent organization* - said Horowitz

So far, the timing of the creation of such an organization is unknown, but according to Horowitz, now BitGo actively cooperates with regulators in this direction.

Recall, BitGo has already managed to offer its customers two new options for asset management. One of them is related to the security of storing crypto currency - it was announced earlier in May. The second option so far is known only that it offers an alternative way to manage assets, when all work is performed directly by customers.