BitGo Announces Support for Justin Sun’s TRON (TRX)
BitGo, a leading custodian of bitcoin and altcoins headquartered in California, has announced plans to add support for TRON (TRX), the 11th largest crypto asset in the world, powering a vast array of decentralized applications (dApps). BitGo hot wallet and custody solutions for the digital asset will go live in early November, according to a blog post October 14, 2019.
BitGo Integrating TRON (TRX)
Adding yet another significant feat in TRON’s (TRX) journey towards mainstream adoption, highly reputed digital asset trust company and security firm BitGo have revealed plans to add the virtual currency to its growing list of supported coins.
According to a TRON blog post, in early November BitGo will officially start offering TRON-based hot wallet and custodial solutions, paving the way for crypto exchanges, prime brokers and other platforms looking to custody TRX in a secure and compliant way.
Explaining the reason behind its decision to choose TRON out of the thousands of altcoins currently in existence, the BitGo team hinted that there has been a massive demand for TRX from its clients in recent times.
At a time when decentralized finance (DeFi) is fast gaining traction across the globe, with more and more crypto market participants launching products aimed at putting them at the frontline of DeFi, TRON and BitTorrent CEO Justin Sun has stated clearly that the integration of TRX into BitGo will allow the project to “delve deeper into various DeFi applications.”
The highly controversial Sun also took to Twitter to express his excitement over the development.
Also commenting on the alliance, Benedict Chan, CTO of BitGo noted that the addition of TRX to BitGo will provide more security to institutional clients.
In his words:
“We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain, multi-sig wallet opens the door for financial services clients who demand the highest levels of security.”
In related news, earlier in October 2019, BTCManager informed that BitGo had joined forces with Bitstamp for digital asset custodial services