Crypto Custodian BitGo Expands Japanese Presence, Builds Team

A source familiar with the matter told The Block that BitGo is expanding its presence in Japan. According to the report, BitGo is planning to grow its Japan-based team, including hiring a sales director for the company’s sales team in Tokyo.

Digital asset trust and security company BitGo is reportedly expanding into the Japanese market, The Block reported on Aug. 9.

Per a dedicated job post published by BitGo last week, the sales director will specifically be responsible for the company’s “digital wallet and offline vault solutions across your agreed territory.”

In May, BitGo appointed a veteran Wall Street trader Nick Carmi as its head of financial services. The hire was ostensibly spurred by an intent to forge a stronger connection between technologically innovative digital assets and the traditional financial sphere.

In late July, BitGo and decentralized identity startup Civic announced plans to launch a new wallet using BitGo’s multisig technology in Q4 2019.

Using BitGo’s multisig security technology, the wallet will require users to undergo identity authentication using a blockchain system for secure verification. The underlying data is not shared between multiple parties and aims to grant users more control over their personal information.

As reported in June, about 30 Japan-based crypto-related businesses and 50 individuals had not declared their revenues from cryptocurrency trading as of March, allegedly due to a high tax on this type of income.

New Jersey Signs Blockchain Task Force Program Into Law

Blockchain implementation research is coming to New Jersey.

Governor Phil Murphy signed bill S2297, the Blockchain Initiative Task Force, into law Friday. The task force is commissioned with studying potential use-cases for blockchain technology on the state and local level. The bill specifically points out medical records, land records, banking, and property auctions as potential applications.

First drafted in March 2018, the bill passed the New Jersey Senate with one nay and the assembly unanimously.

Consisting of 14 appointed members, the task force has 180 days to file a study to the governor’s office and the state’s committee on science, tech, and innovation.

State-level interest in blockchain technology has increased over the past two years, particularly due to cybersecurity threats. For example, the Colorado Department of Transportation (CDOT) was hit by a ransomware case in November 2018. With some 400 servers affected and the infrastructure frozen, Gov. John Hickenlooper called the first-ever state cybersecurity tech emergency.

State officials often find data compromises a large issue. With multiple entities in government needing access to data files, state-level IT departments are looking for a secure way to share information.

Recently speaking with CoinDesk, Colorado’s IT department says blockchain technology could be a potential solution to cybersecurity problems such as the recent ransomware attack.

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