BitGo Expands its Custody Service to Cover 100 Crypto Assets

All the tokens added by the Palo Alto-based startup were requested by institutional clients, it says.

Crypto wallet and blockchain security firm BitGo has expanded its suite of custody products and services to support 100 coins and tokens by the end of 2018. The company says the addition of stablecoins, whose values are not subject to the wild volatilities of the crypto or FX fluctuations, to the service will be very promising and a first-mover advantage.

The list of supported stablecoins includes CENTRE USD (USDC), Gemini Dollar (GUSD), MakerDAO’s Dai (DAI), Paxos Standard Token (PAX), and TrustToken’s TrueUSD (TUSD).

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The step reflects the surge in demand for custody solutions for altcoins and other tokens and not just leading cryptocurrencies, such as Ethereum and Bitcoin. Although this will have a profound impact on the crypto market, especially in the long-term, dealing with smaller cryptocurrencies is related to higher risks.

Founded in 2013, BitGo had operated originally as a bitcoin wallet provider but then has branched out into other cryptocurrencies and now supports multiple altcoins including Ethereum, Ripple, Litecoin, Bitcoin Cash, Bitcoin Gold, and Royal Mint Gold.

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All the tokens recently added by the Palo Alto-based startup, as well as those of the first batch, which covered only seven assets, were requested by institutional clients that work with BitGo, it says. In April, BitGo launched support for ERC20 tokens, and in July it added 57 coins and tokens.

Secure Access to Crypto Markets

BitGo’s patent multi-signature wallet technology has attracted institutional players because it offers an enterprise-grade custody service for their assets as well as application programming interface access to its underlying security platform. BitGo’s multisig e-wallets require a transaction to have two or more signatures before it can be executed, a security layer that reduces the risk of fraud.

For more security, a customer can also set spending limits and corporate treasury policies on the account, which also require multiple approvals from the customer to withdraw above-set limits.

Last month, BitGo raised $15 million in new funding, led by Goldman Sachs and Galaxy Digital Ventures LLC, the venture capital firm founded by the billionaire Mike Novogratz.

Speaking on the integration, Ben Chan, CTO of BitGo, said: “BitGo is the first multi-signature wallet platform with support for such a wide offering of highly traded digital currencies. Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides. Our clients want to hold and trade a wide array of currencies – that’s why we set the goal of delivering support for 100 coins and tokens by the end of 2018.”

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