Riot Platforms Signs Digital-Asset Custody Agreement With BitGo

Riot Platforms is moving custody of its digital assets from NYDIG Trust to BitGo Bank & Trust under an agreement that sets a one-year initial term and lets Riot end the arrangement on 14 days’ notice.

The companies signed the agreement Oct. 7 and amended it Oct. 14. BitGo will hold Riot’s digital assets mainly in separate custody accounts, apart from its own assets and those of other clients, with exceptions for certain transaction settlements.

After the initial term, the agreement renews automatically for successive one-year periods. Riot may terminate it with 14 days’ notice without an early termination fee.

BitGo will charge a monthly fee based on the average value of assets in custody and must maintain commercially reasonable insurance coverage.