Cryptocurrency provider BitGo acquires staking service provider Hedge and launches BitGo Staking service

According to The Wall Street Journal, cryptocurrency provider BitGo acquired staking service provider Hedge and launched the BitGo Staking service. The parties did not disclose the terms of the acquisition and the transaction amount, and all Hedge employees have joined BitGo. Founded in 2013, BitGo can offer digital wallets and a variety of cryptocurrency hosting services to crypto-investors, with a total of $69.5 million in financing and investment from Goldman Sachs and Galaxy Digital Ventures in the B round of financing completed last October. In January 2018, BitGo acquired the Kingdom Trust and built a digital asset custody business for institutional investors. The acquisition of Hedge allowed BitGo to enter the staking business. BitGo has launched staking services for both Dash and Algorand cryptocurrencies, and plans to add support for more cryptocurrencies later this year. In contrast, Coinbase Custody currently offers Tezos' staking service, and Anchorage provides staking services for Tezos and Stellar tokens.