BitGo vs Fireblocks: Qualified custody vs MPC infrastructure
BitGo and Fireblocks provide institutional digital asset custody through distinct operational setups. BitGo combines qualified custody through BitGo Bank & Trust with multi-signature cold storage, MPC hot wallets, staking and settlement. Regulated under an OCC national trust bank charter alongside New York and South Dakota custody credentials, the firm provides stated coverage reaching $250 million for cold storage. BitGo holds more than $100 billion in assets under custody with 566 staff members. Retail users can access its services.
Fireblocks combines MPC wallet software with qualified cold storage via Fireblocks Trust Company, LLC under an NYDFS Limited Purpose Trust Charter. Its platform connects institutions and liquidity providers for direct settlement, using policy controls to govern approvals. Fireblocks focuses on institutions and corporates, offering embedded wallet SDKs and agentic payments.
Quick verdict
The deciding difference is custody structure. BitGo offers qualified custody through an OCC-chartered national trust bank with South Dakota credentials, segregated cold storage and up to $250 million in insurance. Fireblocks provides qualified custody through an NYDFS-chartered trust company, pairing MPC self-custody with policy governance and direct settlement. Both providers support cold storage and API access. BitGo paid a $98,830 OFAC settlement in December 2020 over sanctions compliance violations.
Choose BitGo if an institution needs an OCC national trust bank, South Dakota qualified custody, EVM Keyring gas management or enterprise staking. Retail accounts are supported with KYC verification.
Choose Fireblocks if an institution needs NYDFS qualified custody, direct Network settlement or embedded wallet SDKs. Its enterprise setup serves banks and fintech platforms, with self-custody governed by internal approval policies.
| Feature | ||
|---|---|---|
| Ratings | ||
| Our score | 4.5/5 | 4.3/5 |
| User rating | No reviews yet | No reviews yet |
| Security | 4.5 | 4.0 |
| Compliance | 4.5 | 4.0 |
| Asset support | 4.5 | 5.0 |
| Features | 4.5 | 4.5 |
| 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, HSM, Self-custody software |
| Clients | Institutions, Funds, Corporates, High-net-worth, Retail | Institutions, Funds, Corporates |
| Regulated | Yes | Yes |
| SOC 2 report | Yes | Yes |
| Insurance | Up to $250M for assets where BitGo Bank & Trust holds all keys (Lloyd's of London and European market syndicate) | Not disclosed |
| Assets supported | 1,770 | Not disclosed |
| Staking | Yes | Yes |
| API access | Yes | Yes |
| 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 limited purpose trust charter (US), FinCEN MSB registration (US), State money transmitter licenses in 37 states and DC (US) |
| MPC | Yes | Yes |
| Cold storage | Yes | Yes |
| Qualified custodian | Yes | Yes |
| Company | ||
| Founded | 2013 | — |
| Headquarters | United States | United States |
| Investors | Valor Equity Partners, Redpoint Ventures, Public, Galaxy Digital +1 | D1 Capital Partners, Spark Capital |
| Strengths and weaknesses | ||
| Pros |
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| Cons |
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| 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 | Exchanges and payment companies building in-house custody, Funds and RIAs that need a New York qualified custodian, Fintechs launching embedded or white-label wallets |
Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.
FAQ
Which offers qualified custody, BitGo or Fireblocks?
Both offer qualified custody in the United States. BitGo uses BitGo Bank & Trust under an OCC national trust bank charter, while Fireblocks uses Fireblocks Trust Company, LLC under an NYDFS Limited Purpose Trust Charter.
Do BitGo and Fireblocks both use MPC?
Yes, both use multi-party computation. BitGo applies MPC to hot wallets, while Fireblocks uses MPC across self-custody wallet infrastructure and distributes private key shares across multiple parties.
Which product supports retail clients?
BitGo lists retail alongside institutional clients. Fireblocks lists institutions and corporates as its client groups.
Which one offers cold storage insurance?
BitGo offers up to $250 million in cold storage insurance against loss, theft and misuse. Fireblocks provides qualified custody cold storage through its trust company.
Has BitGo had a compliance settlement?
BitGo paid a $98,830 OFAC settlement in December 2020 over sanctions compliance violations. Fireblocks provides NYDFS-chartered custody and MPC governance for institutional operations.