BitGo vs BNY Digital Asset Custody

BitGo4.5/5

VS

BNY Digital Asset Custody3.2/5

Feature	BitGoVisit	BNY Digital Asset CustodyVisit
Ratings
Our score	4.5/5	3.2/5
User rating	No reviews yet	No reviews yet
Security	4.5	3.5
Compliance	4.5	4.0
Asset support	4.5	1.5
Features	4.5	2.5
Support	4.5	4.0
Specs
KYC required	Yes	Not disclosed
Custody model	Qualified custodian, Multi-sig, MPC, HSM, Self-custody software	Qualified custodian, MPC
Clients	Institutions, Funds, Corporates, High-net-worth, Retail	Institutions, Funds, Corporates
Regulated	Yes	Yes
SOC 2 report	Yes	Not disclosed
Insurance	Up to $250M for assets where BitGo Bank & Trust holds all keys (Lloyd's of London and European market syndicate)	Parent-company insurance for events such as theft or fraud, shared across all custody clients; excludes market losses (MSBT prospectus, 2026)
Assets supported	1,770	Not disclosed
Staking	Yes	Not disclosed
API access	Yes	Not disclosed
Licenses & charters	OCC national trust bank charter (US), NYDFS limited purpose trust charter (US), FinCEN MSB registration and state MTLs (US), SEC broker-dealer registration (US), BaFin MiCA CASP authorization (Germany), VQF SRO membership under FINMA oversight (Switzerland), VARA custody license (Dubai, UAE), VARA broker-dealer license (Dubai, UAE), MAS Major Payment Institution license (Singapore), FINTRAC foreign MSB registration (Canada)	NYDFS state bank charter, Federal Reserve member (US), NBB MiCA crypto custody notification (Belgium)
MPC	Yes	Yes
Cold storage	Yes	Not disclosed
Qualified custodian	Yes	Yes
Company
Founded	2013	1784
Headquarters	United States	United States
Investors	Valor Equity Partners, Redpoint Ventures, Public, Galaxy Digital +1	Not disclosed
Strengths and weaknesses
Pros	Up to $250M insurance from a Lloyd's and European market syndicate where BitGo holds all keys Qualified custody fully backed by cold storage, with over 95% of client assets held cold at the end of 2025 Licensed by the OCC, NYDFS, BaFin under MiCA, Dubai's VARA and Singapore's MAS Over 1,770 supported assets as of December 31, 2025	Crypto is held by The Bank of New York Mellon, a New York state-chartered Federal Reserve member bank EU service through BNY SA/NV, listed in ESMA's MiCA register with 30 EEA host countries MPC key management with segregated client wallets Named bitcoin custodian, administrator and transfer agent for the Morgan Stanley Bitcoin Trust
Cons	Material weaknesses in internal control over financial reporting disclosed in its FY2025 10-K Securities class action filed in June 2026, and the Galaxy Digital suit was awaiting a ruling as of August 2026 COO left in October 2026 and the CFO is transitioning out Insurance excludes hot wallets and setups where clients hold keys	Only four assets: BTC, ETH, SOL and USDC Staking with Galaxy was announced in August 2026 subject to regulatory review The MSBT prospectus lists a SOC 1 Type 1 report as BNY's current audit report MiCA scope in the EU covers custody and transfer only
Best for	Funds and ETF issuers needing a long asset list and published insurance, Global firms that want licensed entities in the US, EU, Dubai and Singapore, Exchanges and fintechs building wallets on an API	Asset managers and ETF sponsors that already use BNY for fund services, EU banks and broker-dealers that want a bank custodian listed under MiCA, Corporate treasuries holding bitcoin, ether, Solana or USDC

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