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BitGo Launches Custody Service for Streamlined Digital Asset Management
Discover how BitGo’s new custody service simplifies digital asset management, providing enhanced security and efficiency for institutional investors. Stay ahead in the evolving crypto landscape with BitGo’s innovative solutions.
BitGo Launches Streamlined Custody Service for Digital Assets
BitGo, a prominent cryptocurrency custody firm, is now providing foundations and organizations with an efficient solution to oversee the entire lifecycle of the digital assets they issue. Among the first adopters of this innovative service are protocols such as Worldcoin, LayerZero, Sui, and ZetaChain.
The firm addresses a critical gap in the increasingly fragmented market by offering a comprehensive, regulated, and insured custody platform designed for seamless digital asset vesting, unlocking, and on-chain activities. This custodial token management service is anchored in the regulated framework of BitGo Trust, the company’s qualified custodian service.
The evolution of the Web3 ecosystem has transcended simple digital asset transactions on a blockchain, transforming into a sophisticated programmable economy. In this environment, developers can create new protocols, devise unique tokenomics, and mint tokens with just a few lines of code. This complexity can lead protocol builders to concentrate predominantly on refining technical aspects related to tokenomics and validator processes. Their primary goal is to expand adoption and validate the value propositions presented to their venture-capital investors.
As Thomas Chen, the head of sales at BitGo, pointed out, neglecting the essential details of token management can result in dire consequences, akin to a “slow-moving train wreck.” Chen elaborated on the challenges faced by these firms:
- “When it comes to managing their tokens, these organizations often find themselves navigating a fragmented landscape.”
- “It’s a complex mix of non-custodial wallets and web-only solutions, coupled with the necessity of utilizing smart contracts for distribution.”
He emphasized the difficulties faced by operational heads of new token protocols: “If I’m in charge of operations for a fresh token initiative, I must establish multiple relationships and manage several integration points, all while striving for a successful mainnet launch. It’s an overwhelming tactical challenge.”