Crypto custodian BitGo promotes Chen Fang to chief operating officer

Quick Take

  • Digital asset custodian BitGo has announced the promotion of Chen Fang to chief operating officer. 
  • The company has also appointed former Affirm executive Victor Tsou as vice president of engineering. 

Crypto custodian BitGo has announced two top level leadership changes, with both executives reporting directly to the company’s CEO Mike Belshe.

Chen Fang will take on the role of chief operating officer, having previously served as chief product officer, according to a press release on Tuesday. Fang founded an institutional-grade portfolio management suite for digital assets known as Lumina, which was acquired by BitGo in 2020. 

Separately, Victor Tsou will become BitGo’s vice president of engineering. Tsou most recently held the role of senior director of engineering at Affirm, a buy now pay later platform, according to the release. 

“This market environment offers an opportunity to build and it is important to promote and bring top talent to lead our teams, product roadmap and take BitGo to the next level,” said Belshe in the release. “Chen and Victor are invaluable for our future progress and our clients as we expand our suite of institutional grade solutions for the industry.” 

Founded in 2013, California-based BitGo provides a range of services to institutional investors from custody, liquidity and security solutions.  

BitGo claimed in November 2021, to have $64 billion in digital assets under custody. It also processes around 20% of all global bitcoin transactions, according to the release. 

In May 2021, Galaxy Digital announced the acquisition of BitGo for $1.2 billion. However, The Block reported in March that the terms of the deal were now being renegotiated. 

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