Crypto custodian BitGo acquires portfolio management platform Lumina

Mergers & Acquisitions • April 16, 2020, 11:03AM EDT
UPDATED: April 16, 2020, 4:11PM EDT
The Block

Crypto custodian BitGo has acquired Lumina, a firm that provides an institutional investor platform for managing crypto portfolios and tracking tax obligations.

Announcing the deal on Thursday, BitGo said its clients can now bring data from any exchange or wallet into a single dashboard for a consolidated view of their crypto holdings.

Price details on the deal remain undisclosed. Lumina raised $4 million in a seed investment round in late 2018 and is backed by notable investors, including Bain Capital Ventures and Dragonfly Capital Partners.

With the acquisition, Lumina’s employees have now joined BitGo, and Lumina CEO Chen Fang has been named chief product officer.

BitGo has been taking steps to grow beyond just serving as a custody platform. Earlier this year, the firm acquired token platform Harbor to expand into the digital securities space. Last October, BitGo acquired staking infrastructure provider Hedge.

Today's deal is "one more step in the journey to becoming a comprehensive digital asset financial services firm. More to come in 2020," said BitGo.

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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