Sustainable Bitcoin Protocol partners with BitGo to Launch the First Sustainable Custody Solution for Bitcoin
PALO ALTO, Calif., March 24, 2023–(BUSINESS WIRE)–Sustainable Bitcoin Protocol (SBP) partners with BitGo, the leader in digital asset security, custody, and liquidity to launch the first-ever sustainable custody solution for Bitcoin. The new offering aims to address the increasing demand from ESG and climate-focused institutional investors who want to hold Bitcoin but are concerned about its climate impacts.
SBP has developed a first-of-its-kind solution that enables investors to hold Bitcoin in a verifiably climate-positive way through its innovative product, the Sustainable Bitcoin Certificate (SBC). SBCs are on-chain assets that represent sustainable Bitcoin mining and can be added to the holdings of a Bitcoin investor, 1:1, ensuring that they are sustainably holding Bitcoin without disrupting its fungibility.
As part of the partnership, BitGo will offer SBC custody to their current institutional and platform clients as a key differentiator. The new partnership also aims to develop a “Proof of Sustainability API” where investors can demonstrate their green credentials by holding an equal number of BTC and SBC in BitGo custody, meeting the increasing demand for transparency in digital assets.
“We are excited to partner with SBP to offer our clients a solution that addresses their concerns around Bitcoin’s environmental impact while incentivizing verified clean energy use in bitcoin mining,” said Steve Scott, Director at BitGo. “This collaboration allows us to offer the most secure and sustainable Bitcoin custody solution on the market, providing our clients with a way to hold Bitcoin that aligns with their investment strategies and values.”
The partnership with SBP is intended to elevate BitGo’s current platform by creating an unparalleled combination of secure custody, institutional service, and sustainability. The new offering builds on BitGo’s reputation for providing the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
“We are thrilled to partner with BitGo to launch the first-ever sustainable custody solution for Bitcoin,” said Brad van Voorhees, CEO and Co-founder of SBP. “This collaboration is an important step forward in making Bitcoin a more sustainable asset class and enabling investors to hold Bitcoin in a climate-positive way.”
For more information about the new offering or to become a partner, please visit BitGo’s website or Sustainable Bitcoin Protocol’s website.
About Sustainable Bitcoin Protocol
Sustainable Bitcoin Protocol (SBP) is a global sustainability protocol designed to help bitcoin become our planet’s most sustainable asset class while preserving the fungibility and long-term integrity of the network. SBP works closely with leading nonprofits and standard bodies in renewable energy and energy audits, to issue Sustainable Bitcoin Certificates (SBC) to miners who are verified to use renewable and clean energy. SBP’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Verda Ventures, Bitcoin Fronteir Fund, and prominent angels in institutional finance. For more information about SBP or to become a partner, visit https://www.sustainablebtc.org.
About BitGo
BitGo is the leader in custody and security solutions. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT and web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 600 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms. For more information, please visit www.bitgo.com.
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