Crypto Wallet BitGo Adds Support For Five Stablecoins

News | November 16, 2018 By:

Blockchain security and crypto wallet firm BitGo has added support for five stablecoins, including CENTRE USD (USDC), Gemini Dollar (GUSD), MakerDAO’s Dai (DAI), Paxos Standard Token (PAX), and TrustToken’s TrueUSD (TUSD).

With the latest additions, BitGo said that it has exceeded its milestone to reach 100 coins and tokens by the end of 2018. At the beginning of this year, BitGo’s multi-signature wallets only supported seven coins. Its wallet and custody offerings now supports multi-signature security for over 100 coins and tokens. The company said it determines which digital currencies to add based on demand from institutional clients.

“BitGo is the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies,” said Ben Chan, CTO of 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.”

Using multiple cryptographic signatures, BitGo’s multi-signature security architecture eliminantes any single point of failure and ensures that assets are secure as they move in and out of the wallet. Keys can be distributed across independent individuals, geographies, and storage techniques.

In addition to multi-signature wallet security, BitGo also provides clients with the option to have their assets held by BitGo Trust Company, a new service that has been approved by the South Dakota Division of Banking. BitGo Trust’s multi-level services include self-managed custody, institutional custody with multi-sig wallet, and the Bitgo offline vault. The vault stores keys offline and when tethered to a multi-signature wallet it can be programmed to require co-signers.

“When investors are looking for a place to custody their funds, they are looking for a one-stop-shop, a place to store all their crypto assets,” said Isaac Eleftheriadis, BitGo’s senior technical product manager. “Certainly, we are going to continue adding more coins and tokens.”