Share this article
BitGo Tops $64B Under Custody as COO Cassie Lentchner Takes Over as ‘Trust’ President
The surge in AUC – BitGo held $16 billion a year ago – was attributed to the stampede of institutional investors.
By Ian Allison
Updated May 11, 2023, 3:58 p.m. Published Nov 15, 2021, 2:49 p.m.
Make us preferred on Google
BitGo, the cryptocurrency custody provider being acquired by Galaxy Digital, has seen its assets under custody (AUC) swell to over $64 billion.
In December 2020, BitGo reported an AUC of $16 billion. For context, listed crypto exchange giant Coinbase reported assets on its platform of over $223 billion earlier this year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
BitGo attributed the surge in AUC to growing institutional interest in the space, and the need for institutional-grade safe-keeping to match.
“Institutional custody is not the same as retail custody,” Mike Belshe, CEO of BitGo, said in a statement. “BitGo Trust Company was designed from the ground up to meet the needs of institutional investors, and it is the only independent qualified custodian focused on building the right market structure and facilities to enable institutions to enter the digital asset space with confidence.”
New boss
The fresh stats come as Cassandra Lentchner takes the reins as president of BitGo Trust Companies, which BitGo launched in 2018.
Lentchner joined BitGo as Chief Operating Officer in May, having worked on New York’s groundbreaking BitLicense and cybersecurity policy, when serving as deputy superintendent of compliance for the New York State Department of Financial Services.
“BitGo’s capabilities and track record as the most trusted digital assets partner are critical for large institutions and their clients to feel secure investing in cryptocurrencies and developing a vibrant digital economy,” Lentchner said in a statement.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
