Compass Point calls BitGo an ideal acquisition target for traditional finance

U.S. investment bank Compass Point has identified cryptocurrency custody firm BitGo as an ideal acquisition target for traditional financial companies looking to expand into digital asset services. According to CoinDesk, Compass Point analyst Ed Engel noted in a report that BitGo offers a comprehensive suite of services that can be integrated into existing prime brokers, allowing traditional firms to provide relevant solutions to their clients. Engel added that BitGo could significantly increase its revenue if it closes the gap with competitors like Galaxy and Coinbase. The investment bank initiated coverage on BitGo with a buy rating.