Cryptocurrency News

Bit Go to provide Custodial Support for Stable Coins

Global leading security company, BitGo is planning to roll out custodial support for additional tokens. Custodial services for digital currencies are high in demand these days. BitGo’s list is anticipated to grow up to a hundred assets and tokens by the end of this year. This is another affirmation that is very important to look ahead of Ethereum and Bitcoin.

About BitGo

BitGo is a Palo, Alto-based blockchain security company. It was founded by Mike Belshe and Ben Davenport back in the year 2013. The firm provides a multisignature bitcoin wallet service, where the keys are split amongst a number of owners to handle risk.

The company is headquartered in Palo Alto, California and United States. The global leading security firm is the market leader in institutional digital currency financial services. It also offers clients with compliance, custodial services, and compliance.

BitGo’s Expansion Plans

The global leading blockchain security company, BitGo wants to keep exploring and growing. As their present business model is mainly based on custodial digital currency services, the firm wants to remain competitive by backing additional cryptocurrencies.

Although many other tokens already are on the firm’s radar, its current focus is Stablecoins. BitGo currently is planning to back the most common stablecoins that include DAI, TUSD, USDC, PAX, and GUSD.

This decision of BitGo makes a lot of sense at present because the speculators and traders have shown huge interest in these digital assets. While their general liquidity rises, custodial services also will be in high demand.

BitGo by backing stablecoins continues to evolve and grow. Currently, the firm’s custodial services span XRP, Bitcoin Gold, Ethereum and many other cryptocurrencies. In the future, it is expected that the firm will have a solution for up to a hundred digital assets by late 2018.

BitGo’s Security for Digital Assets

BitGo is very successful because of its secured multi-signature wallet technology. This technology is an institutional-grade storage solution for crypto assets. Each transaction via BitGo’s services needs digital signatures of at least two customers.

This feature reduces overall misappropriation or fraud also improves the security of crypto assets. Another feature introduced by BitGo is that the customers can set up treasury policies or spending limits on every account. BitGo by backing the increasing list of crypto assets it is solidifying its position in the market.

In the digital currency world, safety and security of the funds is a very important facet. Frailty is not allowed especially where the custodial services are involved. While more of the firm’s users hold multiple portfolios, their native products should grow correspondingly. Altogether, the BitGo wants to meet the needs of institutional exchanges and investors.


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