CoinDesk reported on December 6, 2018, that BitGo had hired Richard J. Corcoran to lead a newly formed division called BitGo Trust Company2. CoinDesk called him "a long-time veteran of the trust company industry". The job put him in charge of billions of dollars in institutional value. BitGo was courting hedge funds, family offices, and mutual funds as custody clients. A post on X five days later, on December 11, 2018, pointed to a feature story in his hometown paper, the Argus Leader1.
Five leadership moves at BitGo on the record since 2018
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| Dec. 6, 2018 | Corcoran became CEO. Dick Corcoran was named Chief Executive Officer, BitGo Trust Company of BitGo |
| Jan. 13, 2021 | Horowitz became Chief Compliance Officer. Jeff Horowitz was named Chief Compliance Officer of BitGo |
| Aug. 2, 2022 | Fang became COO. Chen Fang was named Chief Operating Officer of BitGo |
| June 25, 2026 | Layoffs. Layoffs at BitGo became public |
| Sept. 17, 2026 | Rozman became Chief Compliance Officer. Alex Rozman was named Chief Compliance Officer of BitGo |
Eight executive hires on the record in 2018
Executive hires CryptoLately has verified, by year
- 2018: 8
- 2017, 2019, 2020, 2021, 2022, 2023, 2024
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2017 | 2 |
| 2018 | 8 |
| 2019 | 11 |
| 2020 | 12 |
| 2021 | 27 |
| 2022 | 37 |
| 2023 | 20 |
| 2024 | 39 |
The move
South Dakota had granted BitGo a trust company license earlier in 2018, CoinDesk reported2. “I understand the regulatory requirements and how to comply with those standards and maintain compliance as we serve customers,” Corcoran told CoinDesk, adding that the first large clients were already being onboarded. He described how he met the firm. “We met through the attorney representing BitGo who recommended that Mike talk to me about the trust industry in South Dakota in general,” he said, then added, "I think it was a setup".
A South Dakota trust charter required a long list, Corcoran explained: a governance structure, rules against money laundering, insurance, outside audits, and set capital reserves2. “From a banking standards view, I think we would be considered well capitalized,” he said.
BitGo Trust Company before and after Corcoran's arrival
Corcoran had retired in 2016 after leading the trust department at First National Bank in Sioux Falls, South Dakota, for 25 years2. In 2016, the year he retired, he met BitGo chief executive Mike Belshe. He had also served on the South Dakota Governor's Task Force on Trust Administration and Reform. Corcoran described how the state's trust industry had grown during his career there. “When I came here in 1979 there were a total of 12 trust institutions; now there are over 100 independent trust companies alone here,” he told CoinDesk.
CoinDesk placed BitGo's new trust company inside a wider field. South Dakota-registered Kingdom Trust and a New York trust company set up by Coinbase were choosing the same custody structure that year2.
What came next
The entity Corcoran was hired to run later traded its state trust charter for a national one. Regulators at the Office of the Comptroller of the Currency approved a conversion in December 2025, crypto.news reported4. The approval turned BitGo Trust Company into BitGo Bank & Trust, National Association. BitGo confirmed it was running under that new federal structure in January 2026. The change put BitGo's custody bank under federal supervision. That oversight covers capital, risk management, anti-money-laundering controls and fiduciary duty. Capital reserves and anti-money-laundering rules were also on the list Corcoran gave CoinDesk for the state charter in 20182. On January 22, 2026, BitGo also listed Class A shares on the New York Stock Exchange under the ticker BTGO, becoming a public company, crypto.news reported3.
Sources
- BitGo, post on BitGo Trust Company CEO coverage, X, December 11, 2018, https://x.com/bitgo/status/1072544323437236224
- Ian Allison, "BitGo Brings Banker Out of Retirement to Lead Institutional Crypto Custody," CoinDesk, December 6, 2018, https://www.coindesk.com/markets/2018/12/06/bitgo-brings-banker-out-of-retirement-to-lead-institutional-crypto-custody
- Olivia Stephanie, "BitGo cuts nearly 15% of staff as AI and stablecoins take priority," crypto.news, June 26, 2026, https://crypto.news/bitgo-cuts-nearly-15-of-staff-as-ai-and-stablecoins-take-priority/
- Olivia Stephanie, "BitGo adds ex-Exodus executive as compliance chief," crypto.news, September 18, 2026, https://crypto.news/bitgo-adds-ex-exodus-executive-as-compliance-chief/