BitGo, a digital asset financial services firm, announced on Thursday the acquisition of Lumina, thus expanding its offering for portfolio management and taxation.
Per the press release shared with Finance Magnates, BitGo has already completed the first phase of the Lumina’s product integration, providing its institutional clients with a dashboard for managing, accounting, and tracking the entirety of their digital asset holdings across various platforms.
The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation
Commenting on the acquisition, Mike Belshe, CEO at BitGo, said: “Clients have digital asset accounts across many exchanges and wallet providers, and that can lead to a fragmented or incomplete view of their digital asset holdings. BitGo clients now have a clear, intuitive dashboard with tax and reporting abilities, and these new services transform their ability to interact with digital assets.”
Expanding offerings beyond custody
Though BitGo was established as a crypto custodian, the company has expanded its offerings beyond its core business, and the recent acquisition further cemented its role as a digital asset financial services provider.
The acquisition was made ahead of the busy tax season as the company believes that it will help their clients with their crypto income declaration.
Founded in 2018, Lumina received backing from Craft Ventures, Bain Capital Ventures, and Dragonfly Capital Partners in a $4 million funding round.
BitGo has now poached the employees of the startup and appointed Chen Fang, former head of Lumina, as its chief product officer.
The company, however, refused to disclose the financials of the acquisition of the deal.
“We built Lumina to be the institutional operating system for digital assets, the first thing you look at in the morning and the last thing you check at night. BitGo Portfolio and BitGo Tax are only the beginning and we will be bringing more new services to market over the next several months,” Fang said.