BitGo to Provide Institutional-Grade Custody and Wallets for Tron

Digital asset financial services firm BitGo has announced that it will provide institutional-grade custody and wallets for Tron (TRX) starting on Nov. 8.

According to the official announcement published on Oct. 14, BitGo has been working closely with Tron “to develop the first TRX institutional-grade wallet and custody offerings that provide on-chain, multi-sig security.” The post reads:

“TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. [...] 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.”

It is also noted that BitGo’s multisignature addresses require two or more separate users to use their keys in order to get access to the funds.

$100M insurance policy and staking services

As Cointelegraph reported on Oct. 10, Luxembourg-based cryptocurrency exchange BitStamp has announced that BitGo will offer custodianship of its digital assets. With BitGo Custody, Bitstamp’s assets will be secured completely in cold storage in bank-grade vaults and protected by the custodian’s $100 million insurance policy.

Previously, BitGo has also launched a new staking service for clients who store their assets with its qualified custodian subsidiary BitGo Trust, with Dash (DASH) and Algorand (ALGO) supported initially.