BitGo is a household name in the cryptocurrency industry. The company specializes in storing cryptocurrency holdings. Although its functionality spans several dozen currencies already, additional support is rolling out. Both Dash and Stellar will be added in the very near future.
BitGo Expands its Services
Cryptocurrency companies are familiar with the service provided by BitGo. The firm is renowned for its cold storage and multisig solutions. Numerous exchanges and wallet service providers make use of their services to date. It now seems the company is looking to expand its market position. Introducing support for two additional assets is a good place to start.
Over the next few weeks, BitGo will enable support for Dash and Stellar. Dash is a digital currency which focuses on privacy and anonymity. Stellar is a digital asset seeking to make inroads in the financial sector. Both of these coins will, according to CEO Mike Belshe, offer advances in the payments industry. As such, the company anticipates an increase in overall adoption by merchants and retailers.
To date, BitGo supports 85 different currencies and assets. That list includes Bitcoin, Ethereum, Litecoin, and so forth. A new custodian for digital assets was also launched by the company in September of 2018. Custodial products are in high demand, especially when they relate to cryptocurrencies.
Increasing Institutional Adoption
Given the growing focus on cryptocurrencies by institutional traders, BitGo finds itself in an interesting position. Investors and traders require secure solutions to manage their digital portfolios. Additionally, exchanges continue to welcome lots of new users every quarter. Ensuring customer funds can be kept safe at all times is the number one priority.
This move comes at a crucial time for cryptocurrency. Other service providers have begun rolling out their custodial services in recent months. Coinbase, Gemini, and some major banks are all getting in on the action. BitGo claims their product is better because it is their one and only focus. Exchanges, on the other hand, try to tie customers to their trading platform through custodial services.
For Dash and Stellar holders, the new offering can be of great value. Rather than relying on traditional wallets, a more secure approach is always superior. Companies without a conflict of interest may have a leg up over their competitors in this regard. BitGo has not announced an official integration timeline for either asset at this time.
Do you think BitGo’s expanded service will have a significant impact on cryptocurrency adoption? Let us know in the comments below.
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