Custodial services for cryptocurrencies are in high demand. BitGo, a global leading security firm, is in the process of supporting additional tokens. Their list is expected to grow to 100 tokens and assets by late 2018. This is another confirmation of how important it is to look beyond Bitcoin and Ethereum.
BitGo Keeps Expanding its Services
Wallet and blockchain security firm BitGo wants to keep growing. Their current business model mainly focuses on custodial cryptocurrency services. To ensure the company remains competitive, support for additional currencies needs to be introduced. Stablecoins are the main focus now, although other tokens are on the company’s radar too.
In this current form, BitGo plans to support the most common stablecoins. That list includes USDC, GUSD, DAI, PAX, and TUSD. For the company, this decision makes a lot of sense at this time. Traders and speculators have shown a growing interest in these dollar-pegged digital assets. As their overall liquidity improves, custodial services will be in higher demand.
By supporting stablecoins, BitGo continues to grow an evolve. Over the years, the company began supporting currencies other than Bitcoin. At this time, their custodial services span Ethereum, XRP, Litecoin, Bitcoin Gold, and several others. It is expected BitGo will have a solution in place for up to 100 crypto assets by the end of 2018. In doing so, the company can bring a lot more legitimacy to the cryptocurrency industry.
Security Matters for all Assets
One of the main reasons BitGo is so successful is due to its multi-signature wallet technology. It is an institutional-grade storage solution for digital assets. Every transaction through BitGo’s services requires digital signatures of at least two users. This helps reduce overall fraud or misappropriation of funds. Requiring more signatures improves the overall security of said assets.
Other features introduced by the company also stand out. Users can set up spending limits or treasury policies on every account. This allows for a fair degree of personalization, depending on the client’s individual needs. By actively supporting a growing list of assets, BitGo is solidifying its market position. The firm wants to appease institutional investors and exchanges.
In the cryptocurrency world, security is a critical aspect. Funds need to be kept secure at all times. No weaknesses are allowed, especially where custodial services are concerned. As more of BitGo’s client hold a diversified portfolio, the company’s native products need to grow accordingly. Cryptocurrency is about much more than just Bitcoin, XRP, or Ethereum.
Do you think that interest and support of stablecoins will continue to grow? Let us know in the comments below.
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