Crypto custody specialist BitGo has acquired Brassica, a fintech firm that provides backend infrastructure services for private securities and alternative investments. Financial terms of the transaction have not been disclosed.
This acquisition enables BitGo to offer a unified platform that services both traditional private securities and blockchain-based assets worldwide, facilitating the tokenization of real-world assets. The company, which was valued at $1.75 billion during a funding round in 2023, gains a technology stack that includes multi-asset custody, advanced capital formation solutions, as well as efficient record-keeping and transfer agent services.
Mike Belshe, CEO of BitGo, stated, “We currently have a dichotomy in financial services – one side deals with traditional securities and the other with emerging blockchain-based assets and cryptocurrencies. With this acquisition, BitGo becomes the first major financial services firm to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence.”