BitGo, a digital asset financial services firm, has announced that it is set to provide institutional-grade custody and wallets for Tron. The firm unveiled this news via a blog post on October 14. Per the announcement, the firm will roll out these services on November 8.
According to the blog post, BitGo has been working with Tron closely. However, this joint effort reportedly seeks to create the first TRX institutional-grade wallet and custody offerings that offer on-chain, multi-sig security. BitGo noted that Tron sought its services due to its reputation for delivering secure, yet compliant solutions.
The firm said,
Multi-sig has been openly reviewed and tested by the security community. It works with a multitude of open source tools and we are very pleased to be extending it to TRX on November 8.
Furthermore, explaining how the multi-sig wallet security solution works, BitGo said,
BitGo pioneered multi-sig security in 2013 and, since then, it has become an industry standard for security of digital wallets. Multi-sig is a digital signature scheme which allows two or more users to securely sign documents as a group. In the case of digital assets, funds are stored using a multi-sig address and must be accessed by two or more keys, which are held by separate individuals.
BitGo’s $100 Million Insurance Policy and Staking Services
Before this, a report unveiled that BitGo was also set to provide custody services for Bitstamp, a major Luxembourg-based crypto exchange. However, this move would see the firm store the exchange’s funds in a cold storage unit with bank-grade vaults. On top of this, BitGo’s $100 million insurance policy will cover the funds in the case of a security breach.
David Osojnik, Bitstamp’s CTO said that the exchange chose BitGo because it has been a trusted partner for many years. As such, it was only natural to extend the relationship. He added that the firm’s focus on institutional services had seen it create the necessary tech. Also, it processes for running a robust and compliant crypto exchange.
Apart from this, BitGo also rolled out a new staking service for clients that store their assets with its custodian subsidiary, BitGo Trust. The firm unveiled that the new staking service would support DASH and algorand (ALGO) initially with more assets to come in the future.
Do you think the news of BitGo offering custody services for Tron will change the price performance of TRX? Let us know in the comments below.