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Custodians Are Crypto’s Boring Backbone. Now They’re Taking Over

Custodians Are Crypto’s Boring Backbone. Now They’re Taking Over

“I never wanted to build a custody service,” says Mike Belshe, the 55-year-old cofounder and CEO of BitGo, widely regarded as crypto’s first dedicated custodian. “It’s just something we had to do because nobody else had built it.”

When Belshe launched BitGo in 2013, bitcoin had a basic problem: How do you keep it safe? At the time, most wallets depended on a single private key. Lose it and the bitcoin was gone; have it stolen and the thieves could move the funds instantly.

BitGo’s novel security solution was multisig, short for multi-signature, which…

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