Another major acquisition for the cryptocurrency custodian BitGo as it has announced the acquisition of Lumina which offers a platform to institutional investors to manage crypto portfolios and track tax obligations. It is the latest update to the BitGo platform. The portfolio management platform Lumina is currently backed by various investors including Bain Capital Ventures and Dragonfly Capital Partners.
BitGo has revealed the news on Thursday, April 16, 2020, as soon as it finalized the deal. However, the company has not disclosed the details of pricing and any other information related to the deal yet.
BitGo Portfolio and BitGo Tax
With the acquisition of Lumina, the crypto custodian company has introduced the next generation wallet platform by introducing two new solutions BitGo Portfolio and BitGo Tax. According to the official announcement blog post, BitGo Portfolio solution will allow its customers to “bring data from any exchange or wallet into a single dashboard for a consolidated view of their entire digital asset holdings.”
On the other hand, the BitGo Tax solution is an institutional-grade tax solution that has been completely integrated with the BitGo Portfolio Solution.
BitGo is pleased on acquiring Lumina and says, “We are incredibly fortunate to have them bring their incredible skills, knowledge, and expertise BitGo which will help across all areas of BitGo.”
As the deal has been finalized by both parties, all the employees of Lumina have shifted them towards the BitGo platform. And Chen Fang who was holding the position of the Chief Executive Officer (CEO) at the Lumina platform now will be serving as the Chief Product Officer (CPO) for all products.
BitGo aims to expand its Custody platform
The crypto custodian BitGo is determined to expand and grow its platform. BitGo is moving on its track step by step. The company says that this deal will bring them more close to their mission of “becoming a comprehensive digital asset financial services firm.”
This is not the first acquisition made by BitGo. It also had earlier acquired digital securities issuer Harbor in an attempt to expand beyond crypto custody.