In a February 18, 2020 statement, BitGo explained its purchase of Harbor. BitGo is a digital asset custodial company. Harbor is known as an online platform for the sale of digital securities. According to BitGo's CEO Mike Belshe, the firm's vision has long been larger than its funds and custody. He added that acquiring Harbor will allow BitGo to bring its vision of a new digital infrastructure for financial services into reality.
On its website, Harbor is also promoting the acquisition. It has a banner about it at the top of its landing page. The acquisition of Harbor is not the only one that BitGo has recently made. The purchase of Harbor also means gaining control of its daughter companies. Those include transfer and brokerage entities. BitGo also recently bought the cryptocurrency staking infrastructure firm called Hedge.
In all, BitGo is now responsible for processing more than 20 percent of the global movements of Bitcoin. The relationship between BitGo and Harbor is not a new one. They had worked together since the beginning of the digital security platform. Harbor's CEO, Josh Stein, added that his firm has worked closely with BitGo Business Wallets and BitGo Custody in order to integrate them into the services that Harbor provides to its customers. He added that Harbor provides BitGo with technology that allows stacking for the life cycle of digital securities. It also provides complementary technology and service capacity for a range of digital assets. It does this for broker to dealer transactions and subsidiaries of transfer agents.
Harbor was founded in 2017. It was one of the earliest businesses in blockchain to earn a FINRA broker dealer registration. It did this in tandem with the Securities and Exchange Commission's licensing process. Harbor is licensed as a digital asset transfer entity. BitGo will also continue its plans for developing more wallet offerings. The firm also announced that it will provide custodial support for Tron and EOS, which it has been doing since 2019. Some investors did not realize the scope of what BitGo has to offer in the world of digital asset management.