BitGo has announced wallet and custody support for Tron (TRX). The Palo Alto-based crypto financial services firm offers multi-signature and key security services, compliance, and custodial solutions for institutional investors.
The company offers support for over 100 cryptocurrencies including Bitcoin and Ethereum. It will implement support for Tron later this year.
Says Ben Chan, chief technology officer at BitGo,
“Institutional investors want a wallet provider and custodian who can support a full range of digital assets so adding support for TRX later this year is an important step. BitGo is the only institutional digital asset company with a full product offering, from high-volume wallet platform to regulated custody services. Institutional investors are responsible for other people’s assets, and that requires the highest levels of security and regulatory compliance. BitGo will provide that for TRX.”
Holding over $2 billion in crypto assets on behalf of its customers, BitGo is backed by Goldman Sachs, Galaxy Digital Ventures, Digital Currency Group and several other venture capital funds.
As the crypto ecosystem expands and matures, investors and high-net wealth individuals expect the same guarantees and protections that custody providers offer for traditional assets. Insurance is especially critical for the crypto ecosystem which has suffered from a number of high-profile exchange hacks. Most recently, Canadian exchange Quadriga has been unable to find the private keys to unlock roughly $145 million in customers’ crypto assets.
To address ongoing concerns in the industry and assure investors that crypto is a safe long-term investment, BitGo announced today $100 million of insurance to cover digital assets for offline private keys that are held by BitGo.
The company calls its new custody insurance the industry’s most comprehensive insurance protections.
Says BitGo CEO Mike Belshe,
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
BitGo offers protection through third-party insurance provider Digital Asset Services. The provider’s theft insurance will enable BitGo clients to have “fully regulated specialist insurance for their digital currency holdings.”