Insights from BitGO Europe: The Case for Using Multiple Providers
Brett Reeves from BitGO shares vital insights on crypto custodianship at the Nordic Blockchain Association, advocating for diversification among service providers.
Insights from BitGO Europe: The Case for Using Multiple Providers
Brett Reeves, the Head of European Sales for BitGO — a renowned provider of crypto custody and security solutions, recently stated, “This might sound very strange for a salesperson such as myself to say but don’t use one provider. Use multiple.”
“Once you achieve critical mass, it’s time to diversify. In the UK, we have a saying: don’t keep all your eggs in one basket. Separate them out,” he expressed during his presentation at the Nordic Blockchain Association on June 18, 2025. He elaborated on the importance of engaging multiple service providers, drawing upon his previous experience at Lehman Brothers when the firm imploded—highlighting the necessity of a diversified approach to custodianship.
“Traditional finance firms and banks are going to struggle a little bit. Because they are quite rigid in their ways”
Reeves emphasized the challenge that traditional finance faces in adapting to the evolving landscape of cryptocurrency, noting,
“They are using a 1980s technology in SWIFT (Society for Worldwide Interbank Financial Telecommunication) for sending assets around the world. So it’s going to be tougher for banks to keep up.”
He indicated that while some custodians may evolve, the industry as a whole must bolster its adaptability.
In discussing the need for regulatory clarity, Reeves said, “You can lean on MiCA,” referring to the Markets in Crypto-Assets Regulation recently enacted in Europe. Furthermore, he revealed that BitGO had received its MiCA license just weeks prior.
The discussion included insights from Gianluca Di Meo of Taurus, who echoed Reeves’s thoughts, emphasizing the need for multiple models in digital asset custody.
“BitGO and Zodia have differing approaches to what one can do as a digital asset custodian”
Gerry Afentakis of Zodia Custody noted the variety of operations custodians should undertake, which go beyond mere asset protection to include generating yields and facilitating transactions. He affirmed, “We need to participate in and support our more regulated risk managed service to include these kinds of evolutions.”
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