Crypto custody specialist BitGo has acquired Brassica, a fintech specialising in providing back-end infrastructure services for private securities and alternative investments. Financial terms were not disclosed.
The deal means BitGo will offer a single platform to service both traditional private securities and blockchain-based assets globally, allowing for the tokenisation of real world assets.
The crypto firm - which was valued at $1.75 billion in a 2023 funding round - gets a technology stack including multi-asset custody, advanced capital formation solutions and streamlined record-keeping and transfer agent services.
Mike Belshe, CEO, BitGo, says: "We currently have a dichotomy in financial services - one side deals with traditional securities and the other deals with up-and-coming blockchain-based assets and cryptocurrencies.
"With this acquisition, BitGo becomes the first major financial services firm to be able to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence."