BitGo First to Deliver Multi-Signature Security for Over 100 Coins and Tokens
PALO ALTO, Calif.--(BUSINESS WIRE)--Nov 15, 2018--BitGo, the market leader in institutional cryptocurrency financial services, announced today that it has exceeded its milestone to reach 100 coins and tokens by the end of 2018. BitGo now delivers multi-signature security for over 100 coins and tokens in its wallet and custody offerings. Stablecoins are among the new coins and tokens supported including CENTRE USD (USDC), Gemini Dollar (GUSD), MakerDAO’s Dai (DAI), Paxos Standard Token (PAX), and TrustToken’s TrueUSD (TUSD).
BitGo determines which digital currencies to support based on demand from institutional clients. At the start of 2018, BitGo multi-signature wallets supported seven coins. In April, BitGo launched support for ERC20 tokens. In July, with 57 coins and tokens supported, the company announced that it would reach 100 by the end of the year. In just the past few months, BitGo added Zcash, Dash, Stellar, as well as support for more than 30 tokens. In addition to multi-signature wallet security, BitGo provides clients with the option to have their assets held by BitGo Trust Company, the first qualified custodian purpose-built for digital assets.
BitGo’s multi-signature security architecture uses multiple cryptographic signatures to enact a transaction, thereby eliminating the single point of failure with traditional wallets. Keys can be distributed across independent individuals, geographies, and storage techniques, which is why multi-signature is considered mandatory for high security blockchain applications.
“BitGo is the first multi-signature wallet platform with support for such a wide offering of highly traded digital currencies,” said Ben Chan, CTO, BitGo. “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.”
BitGo has been focused on the stability and value of collateralized coins in other ways as well. The company recently worked with a community of network partners to launch Wrapped Bitcoin (WBTC). Backed 1:1 with Bitcoin, WBTC delivers the power of Bitcoin with the flexibility of an ERC20 token. BitGo will be the custodian for the initiative.
To view all coins and tokens supported by BitGo, visit our multicurrency page.
BitGo is the market leader in institutional cryptocurrency financial services, providing clients with security, compliance, and custodial solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens, and has over $2 billion in assets in wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
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