BitGo vs First Digital Trust

BitGo4.5/5

VS

First Digital Trust2.7/5

Feature	BitGoVisit	First Digital TrustVisit
Ratings
Our score	4.5/5	2.7/5
User rating	No reviews yet	No reviews yet
Security	4.5	2.5
Compliance	4.5	2.5
Asset support	4.5	2.5
Features	4.5	3.0
Support	4.5	3.0
Specs
KYC required	Yes	Not disclosed
Custody model	Qualified custodian, Multi-sig, MPC, HSM, Self-custody software	Not disclosed
Clients	Institutions, Funds, Corporates, High-net-worth, Retail	Not disclosed
Regulated	Yes	Not disclosed
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)	Not disclosed
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)	Companies Registry TCSP license (Hong Kong), Trustee Ordinance trust company registration (Hong Kong)
MPC	Yes	Not disclosed
Cold storage	Yes	Not disclosed
Qualified custodian	Yes	Not disclosed
Company
Founded	2013	2019
Headquarters	United States	Hong Kong
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	Hong Kong trust company that holds client assets in segregated accounts Custodian of FDUSD reserves, with monthly attestations by an independent accounting firm Company states it holds SOC 1 Type 2 and SOC 2 Type 2 reports and ISO 27001 certification Pending Nasdaq listing requires an SEC registration statement with audited financials
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	Hong Kong TCSP license is an AML license from the Companies Registry, without HKMA or SFC supervision Techteryx alleges about $456 million of TUSD reserves held by the firm were diverted to Aria Commodities DMCC Fiscal 2024 filings showed negative net assets of HK$101 million FDUSD fell nearly 10% below its peg after Justin Sun's April 2025 insolvency claims
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	Asian stablecoin issuers that need a reserve custodian, Fintechs and payment firms seeking a Hong Kong trustee, Family offices using trust and escrow services in Hong Kong

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