Tera Exchange has selected BitGo as the custodial service provider for its bitcoin derivative offering. Tera Exchange clients will get a BitGo Enterprise™ account.
Tera Exchange’s platform was recently approved by the US Commodity Futures Trading Commission (CFTC), although the derivative products themselves are still pending approval. Will O’Brien, BitGo’s CEO and co-founder, commented:
“TeraExchange has proven to be a key player in the bitcoin derivatives market with the launch of their regulated platform last month. We are excited to be at the forefront of this fundamental shift in how the blockchain with BitGo multi-sig wallets are used to safely hold collateral for these types of swaps.”
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BitGo’s claim to fame is its multi-signature wallet, which repels attacks with multiple levels of protection, analogous to a safe inside a safe. The wallet is part of a larger set tools designed for large enterprises.
Bitcoin businesses and organizations have been increasingly turning to enterprise-grade storage and security solutions to protect their customer’s assets. The strategy works twofold: mature companies responsible for a large quantity of assets can sleep better at night. They do not have to resort to cold storage solutions to guarantee security. And startups looking to grow are better-equipped to reassure prospective clients over the safety of their holdings relative to the competition.
The new partners say they have now enrolled their first market participants: DigitalBTC and Ribbit.me, a provider of blockchain-based rewards programs.