BitGo Expands into Private Securities with Acquisition of Brassica

For the first time, a single platform is available to service both traditional private securities and blockchain-based assets globally, allowing for the tokenization of real world assets.

PALO ALTO, Calif., Feb. 7, 2024 /PRNewswire-PRWeb/ -- Brassica is an innovative provider of investment infrastructure for private securities and alternative investments.

Acquiring Brassica bridges the gap between private securities and digital assets within the capital market ecosystem by providing flexible, secure and scalable investment infrastructure. This will advance the digitization of the alternative asset industry in support of a financial services economy that is borderless and accessible 24/7. With this acquisition, BitGo becomes the first major financial services firm to be able to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence," said Mike Belshe, CEO of BitGo.

BitGo, the first digital asset company that has been focused exclusively on serving institutional clients since 2013, today announced its acquisition of Brassica, a financial technology company specializing in providing back-end infrastructure services for private securities and alternative investments. With Brassica's comprehensive infrastructure solutions for private securities, this integration allows accessibility in the industry, making both alternative and digital investing more approachable and widespread, paving the way to compliant opportunities in real-world assets.

BitGo, which was valued at $1.8B in 2023 upon completing a $100M raise, will further develop new Brassica products across asset classes to provide comprehensive services and integrated platform solutions for its customers. Brassica brings with them an impressive technology stack including multi-asset custody, advanced capital formation solutions and streamlined record-keeping and transfer agent services. This strategic acquisition will significantly boost BitGo's ability to drive innovation in the alternative asset industry while supporting a larger swath of forward-looking customers.

"We currently have a dichotomy in financial services - one side deals with traditional securities and the other deals with up-and-coming blockchain-based assets and cryptocurrencies. With this acquisition, BitGo becomes the first major financial services firm to be able to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence," said Mike Belshe, CEO of BitGo,

"Joining forces with BitGo is a significant step towards Brassica's ultimate vision of building the financial infrastructure of the future," added Youngro Lee, Founder and CEO of Brassica. "Our strength lies in our 'one stop shop' approach of providing API-enabled infrastructure for the alternative assets industry. This sector is rapidly growing and bringing in new investors around the world. Our technology-focused development, combined with our deep domain expertise in securities and banking laws, uniquely position us in the market, especially for sophisticated clients dealing with the complexities of private securities and digital assets."

BitGo's industry-leading position in digital asset services, combined with Brassica's innovative private securities infrastructure, sets the stage for a new era in financial services — one that's digital, borderless and inclusive.

For media inquiries and more information about this strategic acquisition, please contact: press@bitgo.com

About BitGo:

BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking, trading, and core wallet infrastructure. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo's Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo established BitGo New York Trust in 2021 and launched institutional-grade DeFi, NFT, and web3 services in 2022. In 2023, BitGo introduced the Go Network for efficient institutional settlement. Securing approximately 20% of all on-chain Bitcoin transactions by value, BitGo supports over 700 digital assets and serves more than 1,500 institutional clients in 50 countries. For more information, please visit http://www.bitgo.com.

About Brassica:

Brassica is a leading financial technology company specializing in infrastructure solutions for the new era of private investing and alternative assets. Brassica's comprehensive back-end financial and investment infrastructure services, offered via its Transfer Agent and its Wyoming Trust Company subsidiaries, provide multiple embedded financial tools and highly regulated services that help enterprises build compliant and scalable businesses while safeguarding their customer assets. Brassica launched as an independent company in March 2023 following a $8m seed round, backed by experienced FinTech and blockchain-focused VCs such as Mercury Fund, Valor Equity Partners, Long Journey Ventures, NGC, Draft VC, and Broadhaven Ventures. To learn more, please visit https://www.brassicafin.com/.