BitGo appoints CEO for custody business

Richard Corcoran to take helm of recently-established BitGo Trust Company.

BitGo has named the new chief executive officer for its recently-established business arm which became the first qualified custodian for digital assets in September.

Richard Corcoran will take up the position of CEO leading BitGo Trust Company, which offers regulatory compliance through its custodian license and cold storage technology for more than 100 coins and tokens, as well as fiat currencies.

Corcoran has more than 30 years’ experience as a senior trust executive, most recently heading up the trust department at the First National Bank in Sioux Falls.

He first joined First National Bank in 1991 in South Dakota as an executive vice president of wealth management, overseeing the $4 billion trust department and investment brokerage department. Prior to that, Corcoran spent 10 years as an attorney for Woods, Fueller, Shultz & Smith, a business law practice firm focused on trust and corporate law.

“This is a very exciting time to be joining BitGo and I look forward to driving the development and execution of our corporate strategy to provide custody offerings that deliver the highest levels of both security and regulatory compliance,” Corcoran commented.

BitGo had it cryptocurrency custody offering approved by regulators in the US in September, allowing the firm to provide institutional investors storage for digital assets. Traditional custodians, including Nomura and SIX Group, have committed to their own custody offerings in the market, while other alternatives include crypto exchanges such as Coinbase, Bitstamp and itBIT.