According to a blog post by Tron Foundation on Medium, BitGo, a California-based digital asset trust and security company, has successfully integrated Tron’s TRX to launch custody for Tron on November 8.
According to Tron Foundation, after the integration any individual, investor, prime broker, exchange partners, and futures platforms who want to custody TRX will have an option to do so in safe and reliable way through BitGo.
In February 2019, TRON announced through a press release that BitGo would be providing wallet and custody support later in 2019 and this is going to be a reality on November 8.
The Tron said that the collaboration between BitGo and TRON will give institutional investors the ability to trade TRX with confidence and will help Tron Network in enabling further institutional adoption for TRX.
Justin Sun, CEO of BitTorrent and co-founder of TRON, on the collaboration, commented:
“We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.”
BitGo, in a blog post, said:
“TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. We’ve been working closely together to develop the first TRX institutional-grade wallet and custody offerings that provide on-chain, multi-sig security.”
BitGo, also known as BitGo trust, is an industry leader in institutional crypto financial services, and pioneered multi-signature security that provides clients with security, custody, and liquidity solutions. It was founded in 2013 by Ben Davenport, Michael Belshe, and Will O’Brien.
BitGo processes 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo supports over 200 coins and tokens, and has over $2 billion in assets in wallet. It introduced BitGo custody and launched BitGo Trust in 2018. On October 9, BitGo partnered with Bitstamp to launch custodian services for Bitstamp users.
Benedict Chan, Chief Technology Officer at BitGo, about the new integration on BitGo multi-signature wallet, stated:
“We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.”
TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet. According to Tron Weekly Journal published on October 14, the company is hitting new highs as the total number of accounts on the Tron blockchain has surpassed the 3.8 million mark.