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BitGo has acquired Lumina to expand cryptocurrency offerings in the institutional sector

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BitGo, a digital asset financial services firm, announced Thursday the acquisition of Lumina, thus expanding its portfolio and tax management offering.

According to the shared press releaseBitGo has already completed the first phase of Lumina's product integration, providing its institutional clients with a dashboard to manage, account for and track all of their digital assets across multiple platforms.

Commenting on the acquisition, Mike Belshe, CEO of BitGo, said:

Customers have digital asset accounts at many exchanges and wallet providers, and that can lead to a fragmented or incomplete view of their digital asset holdings. BitGo customers now have a clear and intuitive dashboard with tax and reporting capabilities, and these new services transform their ability to interact with digital assets. ”

Expanding offerings beyond custody

Although BitGo was established as a custodian of cryptocurrencies, the company has expanded their offerings beyond its core business and recent acquisition further consolidated its role as a provider of digital asset financial services.

The acquisition was made before the tax season, as the company believes it will assist its clients with their cryptocurrency income statement.

Founded in 2018, Lumina was endorsed by Craft Ventures, Bain Capital Ventures, and Dragonfly Capital Partners in a $ 4 million funding round.

BitGo has now poached the startup's employees and named Chen Fang, former Lumina boss, as its product manager.

The company, however, declined to disclose the finances of the acquisition of the agreement.

“We created Lumina to be the institutional operating system for digital assets, the first thing you see in the morning and the last thing you check at night. BitGo Portfolio and BitGo Tax are just the beginning and we will bring more new services to market in the coming months, ”said Fang.

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